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_ Defined in G.S. 105-187.1. <br />f( ) The penalties and remedies that a ly to local sales ~ <br />a_nd use _taxes levied under Subcha ter VIII of this Chapter apply <br />to a tax levied under this section. The aoverninq body.,_.of the <br />city may exercise any power the Secretary of Revenue may exercise <br />in collecting local sales and use taxes." <br />Section 4. The Fiscal Research Division of the North <br />Carolina General Assembly shall compare the revenue generated <br />statewide by the substitute and replacement gross receipts tax <br />authorized by this act with the revenue that would have been <br />generated by an ad valorem tax. The Fiscal Research Division <br />shall report its findings to the 2003 Session of the 2003-2004 <br />General Assembly. <br />Section 5. Section 1 of this act becomes effective for <br />taxes imposed for taxable years beginning on or after July 1, <br />2000. The remainder of this act becomes effective July 1, 2000. <br />In the General Assembly read three times and ratified <br />this the 11th day of May, 2000. <br />s/ Dennis A. Wicker <br />President of the Senate <br />s/ James B. Black <br />Speaker of the House of Representatives <br />s/ James B. Hunt, Jr. <br />Governor <br />Approved 8:30 a.m. this 17th day of May, 2000 <br />