GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1991

H	1 

HOUSE BILL 1258

Short Title:  Tracking Federal Luxury Tax.	(Public)
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Sponsors: Representatives Luebke; Fletcher, Green, Stamey, and Withrow.
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Referred to:  Finance.
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May 10, 1991

A BILL TO BE ENTITLED
AN ACT TO IMPOSE A LUXURY TAX ON EXPENSIVE PASSENGER VEHICLES, BOATS, AIRCRAFT, JEWELRY, AND FURS.
The General Assembly of North Carolina enacts:
Section 1.  G.S. 105-164.3(2) reads as rewritten:
"(2)	Code.  The Internal Revenue Code as enacted as of January 1, 1991, including any provisions enacted as of that date which become effective either before or after that date."
Sec. 2.  Article 5 of Chapter 105 of the General Statutes is amended by adding a new section to read:
"§ 105-164.4A.  Additional luxury tax imposed on retailers.
A privilege tax is levied on a retailer who makes a sale that is subject to the federal retail excise tax on certain luxury items under Subchapter A of Chapter 31 of Subtitle D of the Code.  The tax levied in this section is equal to one-third of the amount of federal luxury tax due on the sale under Subchapter A of Chapter 31 of Subtitle D of the Code.  The tax levied in this section shall be collected and administered in the same manner as the tax levied in G.S. 105-164.4."
Sec. 3.  This act becomes effective July 1, 1991.