Agenda - 06-18-1985 - Laserfiche WebLink

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GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 1985 . O9 c ,„ 1 04 105-130.36. . Distribution to counties and cities of 2 corporate income tax revenue.-f,-(a) The Secretary shall, as soon 3 as practicable after Bay 1 of each year, distribute to each h county and city that unit's per capita share of one-half of the 5 amount of corporate income taxes collected during the preceding 6 twelve-month period ending April 30. . To make this per capita 7 distribution, the Secretary shall determine the total population 8 of the counties, including any cities located in the counties, 9 plus the population of the the cities. _ The Secretary shall then 10 compute a per capita distributable amount- by dividing the. amount 11 to be distributed by the total population. . Each county or city 12 shall receive the product of the population of the county or city 3 and the per capita figure. . The Secretary shall use the most lh recent annual population estimates certified by the State Budget 15 Officer in determining the population of counties and cities. . 16 (b) Use. . Revenue distributed to a county or city under this 17 section may be used for any public purpose. . 18 (c) 'City' Defined. . As used in this section, the term 'city' 19 has the same meaning as in G.S. 153A-?(1). 0 20 Sec. 13. _ Division II of Article 4 of Chapter 105 of 21 the General Statutes is amended by adding a new section to read: 22 111,; 105-154. 15. . Low-income credit for sales and. use taxes.-,- (a) 23 Credit. .. Except as provided in subsection (b) , an individual 24 whose modified gross income for the taxable year falls into one 25 of the income brackets in the table below is allowed a refundable Scredit against the tax imposed by this Division egual to the 27 number of qualifying exemptions claimed by him multiplied by the 28 figure shown in the table for his income bracket and number of House. Eill 1314 5