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NC S572

Bill

Official Source

Status

Introduced

4/4/2023

Primary Sponsor

Timothy Moffitt

Click for details

Origin

Senate

2023-2024 Session

AI Summary

  • Allows purchasers of qualifying spiritous liquor to obtain a direct pay permit enabling tax-free purchases from sellers, with payment of use tax due to the Secretary instead
  • Defines qualifying spiritous liquor as a single container with a purchase price of $50,000 or greater, including spirits aged at least 12 months in orbit
  • Caps the maximum use tax on qualifying spiritous liquor at $1,000 regardless of purchase price
  • Exempts distilleries from remitting excise taxes on spiritous liquor with a single container purchase price of $50,000 or greater, while requiring purchasers to remit use tax
  • Effective January 1, 2024, applying to purchases occurring on or after that date

Legislative Description

Incentivize Space Spirits

Excise; Taxes

Last Action

Ref To Com On Rules and Operations of the Senate

4/5/2023

Committee Referrals

Rules and Operations of the Senate4/5/2023

Full Bill Text

No bill text available