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NC H574

Bill

Official Source

Status

Introduced

3/30/2011

Primary Sponsor

Alma Adams

Click for details

Origin

House of Representatives

2011-2012 Session

AI Summary

  • Modifies the distribution of proceeds from the excise tax on real property conveyances, effective July 1, 2011, for instruments recorded on or after that date.

  • Changes allocation to the North Carolina Housing Trust Fund from 75% to 50% of state proceeds remitted by the Department of Revenue.

  • Changes allocation to the Parks and Recreation Trust Fund from 25% to 37% of state proceeds.

  • Changes allocation to the Natural Heritage Trust Fund from 25% to 13% of state proceeds.

  • Maintains existing provision allowing counties to retain 2% of their remittable share as compensation for collection and administrative costs.

Legislative Description

Distribution Mod To Excise Tax On Conveyances

Last Action

Ref To Com On Appropriations

4/4/2011

Committee Referrals

Appropriations4/4/2011

Full Bill Text

No bill text available