A BILL TO BE ENTITLED
AN ACT to Authorize the revenue laws study committee to study a gross receipts tax on heavy equipment property rentals in lieu of a property tax on the equipment.
The General Assembly of North Carolina enacts:
SECTION 1.  The Revenue Laws Study Committee may study the issue of whether to impose a gross receipts tax on heavy equipment property rentals in lieu of a property tax on the equipment.  The study shall include a review of the revenue generated by the property tax on heavy equipment, what industries and types of equipment are rented, what industries and types of equipment are appropriate to be taxed on the basis of gross receipts instead of by property tax, and whether a gross receipts tax violates any provision of the Streamlined Sales and Use Tax Agreement.  
SECTION 2.  The Revenue Laws Study Committee may make an interim report to the 2008 Regular Session of the 2007 General Assembly and shall make a report on its study, including any recommendations or legislative proposals, to the 2009 General Assembly.
SECTION 3.  This act is effective when it becomes law.