NC S307

Restores local government hold harmless provisions for repealed reimbursements by distributing a percentage of the difference between local sales tax shares and repealed reimbursement amounts.

Requires the Secretary to distribute funds on or before August 15 each year from 2013 through 2016, with minimum payment of $100 per local government.

Distribution amounts decrease over four years: 100% in 2013, 75% in 2014, 50% in 2015, and 25% in 2016 of the calculated difference.

Requires the Secretary to report to the Revenue Laws Study Committee by January 31 of each year through 2017 on amounts distributed under this section.

Effective upon becoming law.