H462 Summary

• Prohibits the North Carolina Secretary of Revenue from employing agents compensated on a contingent basis or any method related to the amount of tax, interest, or penalty assessed or collected.

• Prohibits county boards of commissioners from compensating appraisal firms or persons assisting assessors on a contingent fee basis or any similar method that could impair assessor independence.

• Prohibits counties and cities from employing agents compensated on a contingent basis related to the amount of tax, interest, or penalty determined or collected.

• Restricts the State Treasurer from contracting audits on a contingent fee basis, with an exception allowing contingent fee contracts for audits of life insurance companies to identify unclaimed death benefits or audits of unredeemed bond fund holders.

• Effective July 1, 2012, applying to audits and assessments contracted for on or after that date, with existing contingency fee contracts prohibited from renewal after July 1, 2012.