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2 <br />Regional Public Transportation <br />Funding Legislation Summary <br />SURTAX ON RENTAL VEHICLES (HB 80 amended) <br />- Permits a tax on rental vehicle gross receipts. <br />- The Triangle Transit Authority plans an initial rate of 5% <br />which should generate approximately $2.5 million per year. <br />- Following initial approval of the Durham, Orange and Wake <br />County Commissioners, and the Transit Authority's Tax Board, <br />the Transit Authority Board of Trustees would levee the tax. <br />- The County Commissioners and the Transit Authority Tax Board <br />would be required to approve any increase in the tax rate. <br />