A BILL TO BE ENTITLED
AN ACT TO EXTEND THE SUNSET ON THE LONG‑TERM CARE INSURANCE TAX CREDIT.
The General Assembly of North Carolina enacts:
SECTION 1. Section 29A.6(c) and (d) of S.L. 1998‑212 read as rewritten:
"(c)  The Revenue Laws Study Committee shall study the effectiveness of the credit enacted by this section. The Department of Revenue shall provide the Committee data on the usage of this credit, including profiles of taxpayer categories using the credit. The Division of Aging, Department of Health and Human Services, shall provide the Committee data on the effect of the credit on the State's Medicaid costs. The Committee shall report its findings and recommendations to the 2006 Regular Session of the 2005 General Assembly.
(d)  Subsection (a) of this section is effective for taxable years beginning on or after  January 1, 1999. The remainder of this section is effective when it becomes law. G.S. 105 160.3(b)(7), as enacted by this section, is repealed effective when G.S. 105‑151.28 is repealed."
SECTION 2.  G.S. 105‑151.28 is amended by adding a new subsection to read:
"(d)	Sunset. – This section is repealed effective for taxable years beginning on or after January 1, 2008."
SECTION 3.  This act becomes effective for taxable years beginning on or after January 1, 2005.