NC S422

Extends the local government hold harmless reimbursement program indefinitely by removing the August 15, 2012 expiration date and replacing it with "thereafter"

Requires the Secretary to distribute funds to local governments on or before August 15 each year, comparing their local sales tax share against their repealed reimbursement amount and paying the difference if needed

Mandates the Department of Revenue and Fiscal Research Division submit annual revenue projections by May 1, with the Secretary using the lower of the two projections for calculations

Requires annual reporting to the Revenue Laws Study Committee by January 31 each year on the amount distributed under the program

Directs the Secretary to draw all distributed funds from sales and use tax collections under Article 5