NORTH CAROLINA GENERAL ASSEMBLY

1967 SESSION

 

 

CHAPTER 1272

HOUSE BILL 1369

 

 

AN ACT TO AMEND G.S. 105-116 AND G.S. 105-120 TO REVISE THE ALLOCATION FORMULA FOR FRANCHISE TAXES.

 

The General Assembly of North Carolina do enact:

 

Section 1.  Effective from and after June 30, 1969, subsection (g) of G.S. 105-116 is hereby further amended by striking out of the fifth, eighth, and tenth lines thereof the words and figures "three-fourths of one per cent (3/4 of 1%)" and by inserting in lieu thereof the words and figures "two per cent (2%)".

Sec. 2.  Effective from and after June 30, 1969, subsection (d) of G.S. 105-120 is hereby further amended by striking out of the fourth line thereof the words and figures "three-fourths of one per cent (3/4 of 1%) and by inserting in lieu thereof the words and figures "two per cent (2%)".

Sec. 3.  Effective from and after June 30, 1970, subsection (g) of G.S. 105-116 is hereby further amended by striking out of the fifth, eighth, and tenth lines thereof the words and figures "two per cent (2%)" and by inserting in lieu thereof the words and figures "three per cent (3%)".

Sec. 4.  Effective from and after June 30, 1970, G.S. 105-120 is hereby further amended by striking out of the fourth line thereof the words and figures "two per cent (2%)" and by inserting in lieu thereof the words and figures "three per cent (3%)".

Sec. 5.  All laws and clauses of laws in conflict with this Act are hereby repealed.

Sec. 6.  Subject to the provisions of Section 1, 2, 3, and 4 hereof, this Act shall be effective upon its ratification.

In the General Assembly read three times and ratified, this the 6th day of July, 1967.