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NC S126

Bill

Official Source

Status

Engrossed

4/27/2017

Primary Sponsor

Harry Brown

Click for details

Origin

Senate

2017-2018 Session

AI Summary

  • Replace the current county-specific Local Option Sales Tax (LOST) adjustment factors with a tiered system based on economic development designations under G.S. 143B-437.08.

  • Establish three adjustment factor tiers: Development Tier One counties receive 1.10, Tier Two counties receive 1.00, and Tier Three counties receive 0.90.

  • Make the development tier designation effective for the fiscal year following each county's designation, allowing for adjustments as economic conditions change.

  • Remove the existing table of 100 individual county-specific adjustment factors ranging from 0.81 to 1.49.

  • Effective July 1, 2017, for local option sales taxes collected on or after that date and distributed to counties and cities on or after September 1, 2017.

Legislative Description

Change the LOST Adjustment Factor

Last Action

Re-ref Com On Rules, Calendar, and Operations of the House

6/29/2018

Committee Referrals

Rules, Calendar, and Operations of the House6/29/2018
Finance6/13/2017
Rules, Calendar, and Operations of the House4/27/2017
Rules and Operations of the Senate2/23/2017

Full Bill Text

No bill text available