NC S503

Defines "start-up entity" as a person engaged in a licensed activity for no more than one year and exempts such entities from state privilege license taxes.

Amends G.S. 105-33(b) to clarify that license tax obligations do not apply to start-up entities during their first year of operation.

Prohibits counties from imposing license, franchise, or privilege taxes on start-up entities under G.S. 153A-152(b).

Prohibits cities from imposing license, franchise, or privilege taxes on start-up entities under G.S. 160A-211(c).

Effective date: July 1, 2013.