A BILL TO BE ENTITLED
AN ACT TO require the revenue laws study committee to study a preferential sales and use tax rate for light construction equipment.
The General Assembly of North Carolina enacts:
SECTION 1.  The Revenue Laws Study Committee shall study the sales and use tax treatment of light construction equipment. The Committee shall examine the impact of giving preferential treatment, including a three-hundred-dollar ($300.00) cap on the sales and use tax assessed against equipment that is self‑propelled, is used only for construction, has an engine of no more than 160 net horsepower, and is not designed primarily for transportation.  The Revenue Laws Study Committee shall make an interim report of its findings and recommendations to the 2004 Regular Session of the 2003 General Assembly and shall make a final report of its findings and recommendations to the 2005 General Assembly.
SECTION 2.  This act is effective when it becomes law.