GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1991

H	2 

HOUSE BILL 1323
Committee Substitute Favorable 6/12/92

Short Title:  Allowance for Remitting Stamp Tax.	(Public)
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Sponsors:
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Referred to:  
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May 27, 1992

A BILL TO BE ENTITLED
AN ACT TO REPLACE THE AUTHORITY OF COUNTIES TO RETAIN THEIR COSTS IN COLLECTING THE STATE'S SHARE OF THE DEED STAMP TAX WITH THE AUTHORITY TO RETAIN A FIXED PERCENTAGE OF THE REVENUE FROM THAT TAX.
The General Assembly of North Carolina enacts:
Section 1.  G.S. 105-228.30(b) reads as rewritten:
"(b)	The register of deeds of each county shall remit the proceeds of the tax levied by this section to the county finance officer.  The finance officer of each county shall credit one-half of the proceeds to the county's general fund and shall remit the remaining one-half of the proceeds, less the county's allowance for administrative expenses, to the Department of Revenue on a quarterly basis.  A county may retain seven-tenths of one percent (7/10 of 1%) of the amount of tax proceeds allocated for remittance to the Department of Revenue as compensation for the county's cost in remitting the State's share of the tax.  Of the funds remitted to it pursuant to this section, the Department of Revenue shall credit fifteen percent (15%) to the Recreation and Natural Heritage Trust Fund established under G.S. 113-77.7 and the remainder to the General Fund.  ""
Sec. 2.  This act becomes effective July 1, 1992, and applies to taxes collected on or after that date.