NC H248

Establishes a 30-member Tax Modernization Study Commission with 10 members each appointed by the Governor, Speaker of the House, and President Pro Tempore of the Senate.

Commission shall review North Carolina's tax code, examine income tax rates and tax bases, evaluate economic incentives, and recommend a permanent financing strategy to modernize the tax system.

Commission recommendations must be revenue-neutral compared to 2011-2012 fiscal year revenue projections and require a two-thirds vote for adoption.

Recommendations adopted by two-thirds vote trigger expedited legislative consideration: bill placed on calendar for second reading three days after introduction with mandatory votes on third reading the next day, no amendments permitted.

Commission shall report findings and recommendations by May 1, 2012, then terminate; funding allocated from General Assembly appropriations.