NC H726

Repeals the sales and use tax on repairs, maintenance, and installation (RMI) services effective July 1, 2017.

Modifies the definition of "real property contract" to include all repair, maintenance, and installation services on real property, rather than only capital improvements.

Removes the general sales tax rate (4.75%) previously applied to RMI services and tangible personal property that becomes part of a purchaser's property.

Eliminates exemptions from service contract taxes that were previously limited to certain RMI services.

Reinstates G.S. 105-164.13(49) and repeals provisions specifically taxing RMI services under G.S. 105-164.13(61a), (61c), and (61d).