NC H704

Allows counties to levy local sales and use taxes under Article 46 at increments of one-quarter percent (1/4%), instead of only the fixed 0.25% rate previously allowed.

Sets maximum combined local sales and use tax rates at 2.5% for counties authorized to levy taxes under Part 6 of Article 43, and 2.75% for counties authorized to levy taxes under Parts 2, 4, or 5 of Article 43.

Permits counties to present two ballot question options: one allowing tax proceeds for any public purpose, or one restricting proceeds to specific public purposes listed in G.S. 153A-149.

Allows the Secretary to retain up to $300,000 from tax gross proceeds during the first two fiscal years (2021-2022 and 2022-2023) to cover collection and administration costs.

Effective October 1, 2022, as the earliest date counties may levy a tax under the amended Article 46.