NC S306

Clarifies that secondary metals recyclers may purchase equipment that qualifies as mill machinery under the same 1% tax rate with an $80 maximum per article, provided the equipment is capitalized for tax purposes and used in secondary metals recycling activities.

Extends the favorable mill machinery tax treatment to equipment purchased by secondary metals recyclers (as defined in G.S. 66-420) that would otherwise qualify as mill machinery if purchased by a manufacturing plant.

Requires that qualifying equipment be capitalized by the company for tax purposes under the Code and be used in the secondary metals recycling activities in which the company is primarily engaged.

Effective July 1, 2010, and applies to purchases made on or after that date.