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NC S350

Bill

Official Source

Status

Introduced

3/18/2013

Primary Sponsor

Fletcher Hartsell

Click for details

Origin

Senate

2013-2014 Session

AI Summary

  • Imposes an annual 6% franchise or privilege tax on unregulated electric power companies and water companies with gross taxable receipts of $6 million or more
  • Applies only to companies not subject to North Carolina Utilities Commission regulation, equalizing taxation between regulated and unregulated utilities
  • Requires quarterly tax payments for water companies and monthly payments for electric power companies aligned with sales and use tax schedules
  • Tax base includes gross receipts from business inside North Carolina, including all power generated in-state and all water placed into pipes in-state, regardless of where it is consumed
  • Effective for taxable years beginning on or after January 1, 2014

Legislative Description

Privilege Tax for Unregulated Utilities

Last Action

Ref To Com On Finance

3/19/2013

Committee Referrals

Finance3/19/2013

Full Bill Text

No bill text available