Agenda - 08-30-2007-4 - Laserfiche WebLink

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SL2007-0323 Page 259 of 272 On or before May 1 of each fiscal year through May 1, 2012, the Department of Revenue and the Fiscal Research Division of the General Assembly must each submit to the Secretary and to the General Assembly a final projection of the estimated amount of replacement revenue that all local governments would be expected to receive during the upcoming ~fer-th~e-fiscal year. If, after May 1 and before a distribution is made, a law is enacted that would affect the projection, an updated projection must be submitted as soon as practicable. If the Secretary does not use the lower of the two final projections to make the calculation required by this subsection, the Secretary must report the reasons for this decision to the Joint Legislative Commission on Governmental Operations within 60 days after receiving the projections. (c) Source of Funds. - 'The Secretary must draw the funds distributed under this section from sales and use tax collections under Article 5 of this Chapter. (d) Reports. -The Secretary .must report to the Revenue Laws Study Committee by January 31, 2004, and each January 31 through January 31, 2013, the amount distributed under this section for the current fiscal year." ,SECTION 31.16.3.(d) G.S. 105-472 is amended by adding a new subsection to read: ~~(1,11 (''.~,,,r,1-~r 1?a.i„r+t;nn Fnr (''itc~ ~-Tnlrl ~Tarn~laee - 'T'1-it~ CPrYPtarcT rni~et rar371r~a Park G.S. 105-522. This reduction does not affect the amount allocated to municipalities under this SECTION 31.16.3.(e) Section 9 of Chapter 1096 of the 1967 Session Laws, as amended, is amended by adding a new paragraph at the end of that section to read: "The Secretary of Revenue must reduce the amount distributable to Mecklenburg County under this section by the amount set in G.S. 105-522. This reduction does not affect the amount allocated to municipalities under this section." SECTION 31.16.3.(f) Article 44 of Chapter 105 of the General Statutes is amended by adding two new sections to read: "~ 105-522. City hold harmless for repealed local taxes. ~~ LG1111161V11~. - 1111+ 1V11V W111 ~' U1~11111L1V11~ u~J~Jly 111 bluo ~7VV61Vi1. ' Eligible municipality. - A municipality that was incorporated on or before October 1 2008 and receives a distribution of sales and use taxes under G.S. 105-472. (~ H-chess amount. -Fifty percent ,50%) of the amount of sales and use tax revenue distributed under Article 40 of this Chapter to the municipality for a month other than revenue from the sale of food that is subject to local tax but is exem t from State tax under G.S. 105 -164.138. ~b Requirement - county is requrre to o tee 1gl e municipalities in the county harmless from the repeal of the local sales and use taxes formerly imposed under this Article. The . Secretary must add an eligible municipality's hold harmless amount to the amount distributed to the municipality under this Subchapter. To obtain the revenue for the hold harmless distribution, the Secretary must reduce each county's monthly allocation under G.S. 105-472(b) or under Chapter 1096 of the 1967 Session Laws by the hold harmless amotiults hold harmless for ~tive costs of Medicaid. Definitions. -The follo~ Hold harmless tr and Medicare P G.S.108A-54 fc aled local taxes. itions annly in this ve the State under thousand dollars