NC S734

Allows small facilitators (those with cumulative gross receipts not exceeding $5,000,000) to elect to pay sales tax and local occupancy tax directly to the Secretary of Revenue instead of to retailers, effective October 1, 2011.

Changes the timeline for facilitators to remit taxes to retailers from three business days to a time agreed upon by the retailer and facilitator.

Establishes that local occupancy tax becomes effective on either January 1 or July 1 (rather than the first day of any month) and requires municipalities and counties to deliver certified copies of tax resolutions to the Secretary of Revenue.

Creates a state-administered system for local occupancy taxes under a new Article 49, with the Department of Revenue collecting and distributing net proceeds to taxing districts on a quarterly basis, effective January 1, 2013.

Transfers administration of local occupancy tax collection from individual cities and counties to the Department of Revenue, which will maintain a database of taxing district boundaries and applicable tax rates.