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GENERAL ASSEMBLY OF NORTH CAROLINA <br /> SESSION 1985 <br /> HOUSE BILL 1314* <br /> Short Title: Repeal Property Tax. . (Public) <br /> Sponsors: - Representatives Savretic: Hasty, Locks, Quinn, Barker,* <br /> . . . . . . . . . . . . . <br /> - - <br /> Referred to: Constitutional- Amendments - <br /> May 20, 1985 <br /> 1 A BILL TO BE ENTITLED <br /> 2AN ACT TO MEND THE CONSTITUTION TO PROHIBIT TAXES ON PROPERTY, <br /> 3 TO REQUIRE A STATE SALES TAX OF AT LEAST FIVE PERCENT, AND TO <br /> 4 REQUIRE THAT THE TAX REVENUE PROM A FIVE PERCENT STATE SALES <br /> 5 TAX AND FROM ONE-HALF THE CORPORATE INCOME TAX HE DISTRIBUTED <br /> 6 TO LOCAL GOVERNMENTAL UNITS; TO AUTHORIZE LOCAL INDIVIDUAL <br /> 7 INCOME SURTAXES, TO REPEAL LOCAL SALES TAXES, TO INCREASE THE <br /> 8 STATE SALES TAX RATE TO EIGHT PERCENT AND ELIMINATE <br /> 9 PREFERENTIAL RATES, AND TO PROVIDE A REFUNDABLE INCOME TAX <br /> 10 CREDIT TO LON-INCOME INDIVIDUALS FOR THE ESTIMATED AMOUNT OF <br /> 11 SALES. AND USE TAXES PAID BY THEM. . <br /> 12 The General Assembly of North Carolina enacts: <br /> 13 Section 1. . Article V, 4 2 of the North Carolina <br /> 14 Constitution is amended as follows: <br /> 15 . (1) by deleting subsections (2) , (3) , (4) . and (5) and <br /> 16inserting new subsections (2) , (3) , and (4) to read: <br /> 17 0 (2) No property tax to be levied. . No tax on property shall <br /> 18be levied by the General Assembly or by any county, city or town, <br /> 18or other taxing unit. _ <br /> 20 <br /> 21 <br />