NC H1203

Increases the maximum percentage of Martin County occupancy tax revenue that the county may retain for administrative expenses from 3% to 6% on the first $500,000 of gross proceeds collected annually.

Maintains the 1% administrative retention rate on gross receipts collected beyond the first $500,000 each year.

Requires Martin County to remit net proceeds (after administrative costs) to the Martin County Tourism Development Authority on a quarterly basis.

Mandates the Tourism Development Authority use at least two-thirds of funds for promoting travel and tourism in Martin County and the remainder for tourism-related expenditures.

Effective upon becoming law.