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I,. -- <br />GENERAL ASSEMBLY OF NORTH CAROLINA <br />SESSION 1991 <br />1 (c) Penalties and Remedies. -- The 2enalties and remedies that <br />2 apply to local sales and use taxes imposed under Subchapter VIII <br />3 of this Chapter apply to a tax imposed under this Subchapter. <br />4 The Board of Trustees of an authority may exercise any power the <br />5 Secretary of _Revenue or a board of county commissioners may <br />6 exercise in collecting local sales and use taxes. <br />7 "S 105 -553. Exemptions and refunds. <br />8 No exemptions are allowed from a tax imposed under this <br />TT <br />Subchapter. No refunds are allowed or a tax -- i-m ... os e_ _ - und- e_r _ _ th_is .. <br />10 Subchapter. <br />11 "S 105 -554. use of tax jeroceeds. <br />12 An authority that imposes a tax under this Subchapter must use <br />13 the proceeds of the tax for public transportation. <br />14 "S 105 -55f. Repeal of tax or decrease in tax rate. <br />15 The Board of Trustees of an authority may repeal a tax imposed <br />16 under this Subchapter or decrease the tax rate of a tax imposed <br />17 under this Subchapter. The same restrictions that apply to the <br />18 imposition of a tax or an increase in a tax _rate- under this <br />19 Subchapter apply to the repeal of the tax or a decrease in the <br />20 tax rate. - - -- <br />21 A tax repeal or a tax decrease, becomes effective on the date <br />22 set by the Board of Trustees in the resolution repealing or <br />23 decreasing the tax. The effective date must be on the first day <br />24 of a month and may not be earlier than the first day of the <br />25 second month. after the board adopts the resolution. Repeal or <br />26 decrease of a tax imposed under this Subchapter does not affect <br />27 the rights or liabilities of an authority, a taxpayer, or another <br />28 person arising before the repeal or decrease. <br />29 Sec. 2. G.S. 105- 164.3(7a) reads as rewritten: <br />30 "(7a) `Lease or rental' means <br />31 of tangible - personal property _ and — }.,4 <br />32 pA- ssess•ion or, use tb- erae.f__..by the— a- r <br />33 =-Gote_ r -for a cons -;d-"- _,atlon without tzanafe, 0,F <br />34 a transfer, for <br />35 consideration, of the use but not the <br />36 ownership of pro2erty to another for a period <br />37 of time." <br />38 Sec. 3. This act is effective upon ratification. <br />House Bill 80 <br />Page 3 <br />