GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1997

S	2 

SENATE BILL 1150*
Finance Committee Substitute Adopted 6/23/98

Short Title:  Amend Local Sales Tax.	(Public)

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Sponsors:

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Referred to:  

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May 18, 1998

A BILL TO BE ENTITLED
AN ACT TO DELAY THE SUNSET OF THE REQUIREMENT THAT COUNTIES USE PART OF THE TWO HALF-CENT LOCAL SALES TAX PROCEEDS ONLY FOR PUBLIC SCHOOL CAPITAL OUTLAY PURPOSES.
The General Assembly of North Carolina enacts:
Section 1.  G.S. 105-487(a) reads as rewritten:
"(a)	Except as provided in subsection (c), forty percent (40%) of the revenue received by a county from additional one-half percent (1/2%) sales and use taxes levied under this Article during the first five fiscal years in which the additional taxes are in effect in the county and thirty percent (30%) of the revenue received by a county from these taxes in the next 23 fiscal years in which the taxes are in effect in the county may be used by the county only for public school capital outlay purposes as defined in G.S. 115C-426(f) or to retire any indebtedness incurred by the county for these purposes."
Section 2.  G.S. 105-502(a) reads as rewritten:
"(a)	Sixty percent (60%) of the revenue received by a county under this Article during the first 25 fiscal years in which the tax is in effect may be used by the county only for public school capital outlay purposes as defined in G.S. 115C-426(f) or to retire any indebtedness incurred by the county for these purposes during the period beginning five years prior to the date the taxes took effect."
Section 3.  This act becomes effective July 1, 1998.