GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1993

H	4 

HOUSE BILL 1467
Committee Substitute Favorable 5/27/93
Senate Finance Committee Substitute Adopted 7/21/93
Fourth Edition Engrossed 7/22/93

Short Title:  Tax Law Changes.	(Public)
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Sponsors:
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Referred to:  
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May 17, 1993

A BILL TO BE ENTITLED
AN ACT TO AMEND CHAPTER 105 OF THE GENERAL STATUTES TO REQUIRE NOTIFICATION OF PROPERTY TAXES DUE, TO CHANGE THE PROPERTY TAX VALUATION DATE FOR MOTOR VEHICLES REGISTERED UNDER THE ANNUAL SYSTEM, TO MAKE OTHER TAX LAW CHANGES, AND TO INCREASE THE AMOUNT OF SOME INVESTMENTS OF FUNDS HELD BY THE STATE TREASURER. 
The General Assembly of North Carolina enacts:
Section 1.  G.S. 105-350 reads as rewritten:
"§ 105-350.  General duties of tax collectors.
It shall be the duty of each tax collector:
(1)	To employ all lawful means to collect all property, dog, license, privilege, and franchise taxes with which he is charged by the governing body.
(2)	To give such bond as may be required of him by the governing body under the provisions of G.S. 105-349.
(3)	To perform such duties in connection with the preparation of the tax records and tax receipts as the governing body may direct under the provisions of G.S. 105-319 and 105-320.
(4)	To keep adequate records of all collections he makes.
(5)	To account for all moneys coming into his hands in such form and detail as may be required by the chief accounting officer of the taxing unit.
(6)	To make settlement at the times required by G.S. 105-373 and at any other time the governing body may require him to do so.
(7)	To submit to the governing body at each of its regular meetings a report of the amount he has collected on each year's taxes with which he is charged, the amount remaining uncollected, and the steps he is taking to encourage or enforce payment of uncollected taxes.
(8)	To send bills or notices of taxes due to taxpayers.  Each bill or notice shall state the amount of tax due, the due date, the amount of any discount for payment before the due date, the date taxes become delinquent, and the amount of interest that accrues on delinquent taxes.
(9)	To visit delinquent taxpayers to encourage payment of taxes if instructed to do so by the governing body."
Sec. 2.  G.S. 105-330.2(a) reads as rewritten:
"(a)	The value of a classified motor vehicle listed pursuant to G.S. 105-330.3(a)(1) shall be determined as follows:
(1)	For a vehicle registered under the staggered system, the value shall be determined as of January 1 preceding the date a new registration is applied for or the current registration expires.
(2)	For a vehicle registered under the annual system, the value shall be determined as of December 1 preceding the date a new registration is applied for or the current registration expires.
If the value of a new motor vehicle cannot be determined as of January 1 preceding the date the new registration is applied for, the value of that vehicle shall be determined for that year as of the date that model vehicle is first offered for sale at retail in this State.  The ownership, situs, and taxability of a classified motor vehicle listed pursuant to G.S. 105-330.3(a)(1) shall be determined annually as of the day on which the current vehicle registration expires or the day on which a new registration is applied for.
The value of a classified motor vehicle listed pursuant to G.S. 105-330.3(a)(2) shall be determined as of January 1 of the year in which the motor vehicle is required to be listed pursuant to G.S. 105-330.3(a)(2).  The ownership, situs, and taxability of a classified motor vehicle listed or discovered pursuant to G.S. 105-330.3(a)(2) shall be determined as of January 1 of the year in which the motor vehicle is required to be listed."
Sec. 3.  G.S.147-69.2(b)(10) reads as rewritten:
"(10)	A limited partnership interest in a partnership whose primary purpose is to invest in venture capital or corporate buyout transactions, not to exceed sixty million dollars ($60,000,000) from all funds."
Sec. 4.  The State Treasurer shall report to the Joint Legislative Commission on Governmental Operations on a semiannual basis the amount of money invested in a limited partnership interest under G.S. 147-69.2(b)(10), the book value of the investments, the number of partnerships in which investments are made, the number of investments made by each partnership, the number of investors in each partnership, the stage of investments made by each partnership, and the year to date and inception to date of annualized cash and total returns on the investments made under this subdivision.
Sec. 5.  Section 2 of this act is effective for taxes imposed for taxable years beginning on or after July 1, 1993.  The remainder of this act is effective upon ratification.