NC H389

Extends local government hold harmless distributions for repealed reimbursements through August 15, 2016, with payments calculated as a percentage of the difference between local sales tax share and repealed reimbursement amounts.

Establishes declining payment percentages over four years: 100% in 2013, 75% in 2014, 50% in 2015, and 25% in 2016, with minimum payments of $100.

Requires the Secretary to calculate eligible distributions by multiplying each local government's sales tax share by estimated replacement revenue; payments made only if resulting amount is less than 100% of repealed reimbursement amount.

Extends reporting requirement to the Revenue Laws Study Committee through January 31, 2017, to document annual distributions under this section.