NC H900

Establishes a local option municipal sales tax of one-quarter percent (1/4%) that municipalities can implement through a referendum approved by the majority of voters.

Revenue from the local sales tax can only be used for construction and improvement of public infrastructure and facilities or for economic development projects.

The tax does not apply to food exempt from sales tax under existing law or to bundled transactions, and the Secretary of Revenue distributes monthly collections to each taxing municipality.

Directs the Revenue Laws Study Committee to study existing property tax exemptions, exclusions, deferrals, and other benefits to determine if they should be repealed, with findings due to the General Assembly by 2018.

Allows municipalities to reduce reliance on property taxes by providing locally controlled sales tax revenue, addressing property tax base losses from business closures and tax-exempt acquisitions.