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NC S462

Bill

Official Source

Status

Introduced

3/30/2011

Primary Sponsor

Thomas Apodaca

Click for details

Origin

Senate

2011-2012 Session

AI Summary

  • Changes distribution of excise tax proceeds collected on title instruments, effective July 1, 2011
  • Increases North Carolina Housing Trust Fund allocation from 75% to 50% of state revenue from excise tax
  • Decreases Parks and Recreation Trust Fund allocation from 25% to 37% of state revenue from excise tax
  • Decreases Natural Heritage Trust Fund allocation from 25% to 13% of state revenue from excise tax
  • Counties continue to retain 50% of tax proceeds for their general fund, plus up to 2% for administrative costs

Legislative Description

Distributn of Excise Tax On Title Instruments

Last Action

Ref To Com On Finance

3/31/2011

Committee Referrals

Finance3/31/2011

Full Bill Text

No bill text available