NC S790

Establishes a 3.5% sales tax rate on electricity sold by Cape Hatteras Electric Membership Corporation, effective July 1, 2014 through July 1, 2015.

Establishes a 3.5% sales tax rate on piped natural gas sold by eight specified gas cities (Bessemer City, Greenville, Kings Mountain, Lexington, Monroe, Rocky Mount, Shelby, and Wilson), effective July 1, 2014 through July 1, 2015.

Modifies distributions to gas cities by creating a separate calculation for gas city shares based on historical excise tax distributions, effective July 1, 2015.

Modifies the property tax deferral program for site infrastructure land by removing the requirement to be classified as agricultural land and instead comparing current zoning value to prior year zoning value, effective for taxable years beginning July 1, 2015.

Repeals Section 34.29 of S.L. 2013-360 regarding changes to the highway use tax base.