A BILL TO BE ENTITLED
AN ACT to use the state government surplus for an addition to the rainy day fund, to repay the highway trust fund, the state retirement system, and local government for funds withheld from them during the recession, and to use the remainder for a rebate to individual taxpayers of Two hundred eighty-eight dollars per household.
The General Assembly of North Carolina enacts:
SECTION 1.  The unadjusted surplus available in the State Treasury is one billion seven hundred four million dollars ($1,704,000,000).  This money is appropriated and shall be expended as follows:
(1)	$324,000,000 credited to the Savings Reserve Account.
(2)	$195,000,000 to repay the Highway Trust Fund.
(3)	$ 75,000,000 to the Teachers' and State Employees' Retirement System.
(4)	$209,000,000 to cities and counties, to be disbursed under the same formula as would have been used in the year in which those funds were withheld.
(5)	$901,000,000 to the Department of Revenue to be disbursed to individual taxpayers as provided in Section 2 of this act.
SECTION 2.  The Department of Revenue shall disburse the fund appropriated to it in Section 1(5) of this act to each individual filing a 2005 personal income tax return as follows: (i) to each married couple filing jointly, $288.00, (ii) to each single individual filing, $288.00, (iii) to each head of household filing, $288.00, (iv) to each married individual filing separately, $144.00. Notwithstanding the above, any single individual filing who is claimed as a dependent by any other person is not eligible for the payment. The funds shall be reimbursed by check mailed to the taxpayer.
SECTION 3.  This act becomes effective July 1, 2006.