Agenda - 09-16-2008 - 6e - Laserfiche WebLink

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Section 3 - Financial Plan Local Options Revenue Estimates Transportation and Infrastructure (values in $millions) (Source: Regional Transportation Alliance; updated January 10, 2008) It is important to note that many of these revenue options would require enabling legislation from the North Carolina General Assembly, and those in which enabling legislation exists, i.e., Sales and Use Tax, and Real Estate Transfer Tax, require a local referendum for approval. The RTA (Regional Transportation Alliance) is composed of businesses and chambers of commerce that promote solutions to transportation issues in the Triangle Region. The RTA compiles the data for these revenue estimates. ➢ Sales and Use Tax* * The statewide Sales and Use Tax rate is currently 4.25 %, with the addition of the local rate of 2.5 %, there is an overall 6.75% Sales and Use Tax for Durham, Wake and Orange Counties. ** In 2007, the State Legislature authorized an additional Article 39 (point -of -sale -based) local option sales and use tax of '/4%. ➢ Motor Fuels Tax ' /a% sales tax ** '' /z% sales tax 1% sales tax Durham: $9.3 m $18.5 m $37.0 m Orange: $2.6 m $5.3 m $10.5 m Chatham: $1.1 m $2.1 m $4.2 m Revenue per year: $13.0 m $25.9 m $51.7 m Revenue over 25 years: $325.0 m $647.5 m $1,292.5 m (2011 through 2035) * The statewide Sales and Use Tax rate is currently 4.25 %, with the addition of the local rate of 2.5 %, there is an overall 6.75% Sales and Use Tax for Durham, Wake and Orange Counties. ** In 2007, the State Legislature authorized an additional Article 39 (point -of -sale -based) local option sales and use tax of '/4%. ➢ Motor Fuels Tax ➢ Vehicle Registration Fee* (additional) $20 Durham: 10 / gal S / gal 11.9 / gal Durham: $1.2 m $5.9 m $14.2 m Orange: $0.6 m $3.1 m $7.4 m Chatham: $0.4 m $2.0 m $4.8 m Revenue per year: $2.2 m $11.0 m $26.4 m Revenue over 25 years: $55.0 in $275 in $660.0 m ➢ Vehicle Registration Fee* (additional) $20 Durham: $3.8 m Orange: $2.0 m Chatham: $1.3 m Revenue per year: $7.1 m Revenue over 25 years: $177.5 m * The current cost of vehicle registration renewal is $20 plus a $5 Triangle Transit Authority tax. Refer to GS 160A -613, 623 -624. 3 -3