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

Browse Search

SL2007-0323 tax under G.S. 105- Page 260 of 272 G.S. 105-472 for March of that year an amount equal to ninety percent (90%) of its estimated SECTION 31.16.3.(g) For fiscal year 2008-2009, the repealed sales tax amount determined under G.S. 105-522 and G.S. 105-523, as enacted by this section, is calculated based on fifty percent (50%) of the amount distributed to a municipality or county under Article 40 of Chapter 105 of the General Statutes on or after October 2, 2008, less the amount distributed to the municipality or county on a per capita basis under repealed G.S. 105-520(b) in October, November, and December of 2008. SECTION 31.16.3.(h) G.S. 105-164.4(a), as amended by Section 31.2 of this act, reads as rewritten: "(a) A privilege tax is imposed on a retailer at the following percentage rates of the retailer's net taxable sales or gross receipts, as appropriate. The general rate of tax is rte1 .four and one-half percent 4.5% ." SECTION 31.16.3. i Section 1 5-2 9.1 rea s as rewritten: "(b) Distribution. -The Secretary must distribute a portion of the net use tax proceeds collected under this section to counties and cities. The portion to be ~ distributed to all counties and cities is the total net use tax proceeds collected under this section multiplied by a fraction. The numerator of the. fraction is the local use' tax proceeds collected under this section. The denominator of the fraction is the total use tax proceeds collected under this section. The Secretary must distribute this portion to the counties and cities in proportion to their total distributions under Articles 39, 40, ~z-42.~ and 43 of this Chapter and Chapter 1096 of the 1967 Session Laws for the most recent period for which data are available. The provisions of G.S. 105-472, 105-486, and 105-501 do not apply to tax proceeds distributed under this section." SECTION 31.16.3.(j) Subsection (c) of this section becomes effective January 1, 2008. The remainder of this section becomes effective October 1, 2008. Subsections (a) and (h) of this section apply to sales occurring on or after that date. The remaining subsections apply to distributions for months beginning on or after that date. SECTION 31.16.4.(a) G.S. 105-515, 105-516, 105-517, 105-518, 105-519, and lOS-520 are repealed. SECTION 31.16.4.(b) G.S. 105-501 reads as rewritten: "§ 105-501. Distribution of additional taxes. ~ Method. -The Secretary s3.~zrl~znust, on a monthly basis, allocate to each taxi coun the net proceeds of the additional one-half percent (1/2%) sales and use taxes i~i~eel c~d in that county under this _"_`' _'__ `- `'- - `---~~- - ----`- -- --- - -- ___ ____.~... ,_.~...~. __~__- _ le to a particular taxing county, the Secretary must , ~~ the taxing counties in nronortion to the amount of