NC H373

Extends the local government hold harmless provision for repealed reimbursements by two years, from August 15, 2012 to August 15, 2014.

Requires the Secretary to distribute replacement revenue to local governments if their local sales tax share multiplied by estimated replacement revenue is less than 100% of their repealed reimbursement amount, with a minimum distribution of $100.

Maintains the requirement that the Department of Revenue and Fiscal Research Division submit final projections by May 1 each fiscal year through May 1, 2014, with the Secretary using the lower projection for calculations.

Requires the Secretary to report distribution amounts to the Revenue Laws Study Committee by January 31 each year through January 31, 2015.

Draws all distributed funds from sales and use tax collections under Article 5 of North Carolina General Statutes Chapter 105.