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12 11 96 1 1:5d $`1 Wla 733 IU65 <br /> 46uu4 <br /> r <br /> Proposed Goals <br /> (As Approved by Board of Directors) <br /> Taxation and F'mance <br /> 1. Growth in Reimbursements <br /> Seek legislation re-establishing growth in state reimbursements for inventory and intangibles <br /> taxes previously repealed by the General Assembly;and to reimburse counties for the total <br /> amount of tax revenues lost because of the Homestead Exemption. <br /> (1995 goal,Amended) <br /> This goal combines several relating to reimbursements to local governments to cmnpensate for tavc <br /> revenue lost because of action by the General Asst--nbly. Reimbursements totaled over 5164 <br /> million for 1994-95. (This figure does not include intangibles taxes that were still being collected <br /> at that time). With the"freeze"in reimbursarnats occasioned by the economic downturn and state <br /> budget shortfall of 1991,local governments were denied growth in these reimburs-onents that <br /> would have compensated for natural revenue growth had the taxes remained in effect. When the <br /> final elements of the intangible tax were repealed in 1995,no growth factor was built into the <br /> reimbursement formula. In addition,local governments received no additional reimbursement <br /> when the Homestead Exemption was increased in 1993 and only half of the fiords lost because of <br /> additional increases during the most recent legislative session. <br /> 2. ]Exemption from Sales Taxes <br /> Seek ley slation 1)to exempt county governments,public schools and commmity colleges <br /> from payment of state and local sales taxes as well as state motor furls taxes sad 2)to amend <br /> G.S.105-164.14(f)to allow the chair of the board of county commissioners to designate other <br /> county officials to receive sales tax refund information from the Department of Revenue. <br /> (Taxation and Finance Steering Committee). <br /> Counties are cunvady reimbursed for sales takes paid. Public schools and community colleges are <br /> not. Counties are reimbursed for motor fuel taxes paid and school boards are exempt front this <br /> tax. Current law allows those who chair boards of ooanmissioners to receive salmi.tax refund <br /> information. The Departmmu of Revenue has interpreted this statute so that_qplx board chairs can <br /> receive this information. This proposal would allow designation of other:to receive the <br /> information. <br /> 3. Land Transfer Tax <br /> Support legislation to anthorke every county in the state to levy a one percent land transfer <br /> tax on a local county option basis,with proceeds to be used for capital improvements,school <br /> construction and infrastructure. (Haywood County,Annual Conference Resohutiou). <br /> Land transfer taxes,as distinct fiooun the statewide..Deed Stamp Tax,"are authorized in seven <br /> nonheastem North Carolina coundes. If imposed statewide,a one per can land transfer tax could <br /> gawate approxittrately$224 million. <br /> 4. School Construction Contracts <br /> Support legislation to enable all counties to use Installment Finance Contracts for <br /> construction of school facilities. (Henderson County,Annual Conference Resolution). <br />