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Sales Tax Frequently Asked Questions http://www.ncacc.org/salestaxfags.html <br /> Fact sheet on Sales Tax Conference Committee Report <br /> 1. Tax Rate—Enactment of this tax will make the overall state sales tax <br /> rate 7 percent. The half-cent state sales tax enacted last year is <br /> scheduled to sunset or end July 1, 2003.At that time the overall rate <br /> will drop to 6.5 percent. Nothing in this bill affects that sunset. <br /> 2. Hold Harmless—There is No hold harmless provision in the bill for <br /> current year.The hold harmless provisions scheduled to take effect <br /> July 1, 2003, are not affected by this bill. <br /> 3. Effective Date—No sooner than Dec. 1,2002. <br /> 4. Distribution—Proceeds will be distributed half per capita and half <br /> point of sale. Proceeds will be distributed quarterly until July 1, 2003, <br /> thereafter monthly. <br /> 5. Local resolution—Each county board of commissioners will be <br /> required to take action on a resolution to levy the tax. Previous action <br /> to levy the tax authorized for next year is not sufficient. <br /> 6. Notice and hearing—a county will be able to pass a resolution to levy <br /> the tax by giving at least 48 hours notice of its intent to adopt the <br /> resolution. No formal public hearing is required. <br /> 7. Notice to Secretary of Revenue—A county will be required to give <br /> the Secretary of Revenue 30 days notice of the tax levy.Thus, action <br /> must be taken and the Secretary notified by Nov. 1 if the tax is to take <br /> effect by Dec. 1. <br /> 1 of 1 10/10/2002 11:20 AM <br />