GENERAL ASSEMBLY OF NORTH CAROLINA
1991 SESSION
CHAPTER 517
AN ACT TO CONFORM THE CRITERIA FOR DESIGNATION AS A DISTRESSED COUNTY FOR INCOME TAX PURPOSES TO THE CRITERIA USED BY THE INDUSTRIAL DEVELOPMENT FUND, TO INCREASE THE NUMBER OF SEVERELY DISTRESSED COUNTIES TO THIRTY-THREE, AND TO REPEAL THE SUNSET.
The General Assembly of North Carolina enacts:
Section 1. G.S. 105-130.40(c) reads as rewritten:
"(c) County Designation. -
A severely distressed county is a county designated as such severely
distressed by the Secretary of Economic and Community Development.
Each year, on or before December 31, the Secretary of Economic and Community
Development shall designate which counties are considered severely distressed,
and shall provide that information to the Secretary of Revenue. A county
is considered severely distressed if its distress factor is one of the twenty-five
thirty-three highest in the State. The Secretary shall assign
to each county in the State a distress factor which that is the
sum of the following:
(1) The county's
rank in a ranking of counties by rate of unemployment from lowest to highest
and highest.
(2) the The
county's rank in a ranking of counties by per capita income from highest to
lowest.
(3) The county's rank in a ranking of counties by percentage growth in population from lowest to highest.
In measuring rates of unemployment and per capita income, the
Secretary shall use the latest available data from the North Carolina
Employment Security Commission and the United States Department of Commerce for
the most recent thirty-six month period for which data is available. published
by a State or federal agency generally recognized as having expertise
concerning the data. In measuring population growth, the Secretary shall
use the most recent estimates of population certified by the State Budget
Officer. A designation as a severely distressed county is effective
only for the calendar year following the designation."
Sec. 2. G.S. 105-151.17(c) reads as rewritten:
"(c) County Designation. -
A severely distressed county is a county designated as such severely
distressed by the Secretary of Economic and Community Development.
Each year, on or before December 31, the Secretary of Economic and Community
Development shall designate which counties are considered severely distressed,
and shall provide that information to the Secretary of Revenue. A county
is considered severely distressed if its distress factor is one of the twenty-five
thirty-three highest in the State. The Secretary
shall assign to each county in the State a distress factor which that
is the sum of the following:
(1) The county's
rank in a ranking of counties by rate of unemployment from lowest to highest
and highest.
(2) the The
county's rank in a ranking of counties by per capita income from highest to
lowest.
(3) The county's rank in a ranking of counties by percentage growth in population from lowest to highest.
In measuring rates of unemployment and per capita income, the
Secretary shall use the latest available data from the North Carolina
Employment Security Commission and the United States Department of Commerce for
the most recent thirty-six month period for which data is available. published
by a State or federal agency generally recognized as having expertise
concerning the data. In measuring population growth, the Secretary shall
use the most recent estimates of population certified by the State Budget
Officer. A designation as a severely distressed county is effective
only for the calendar year following the designation."
Sec. 3. Section 3 of Chapter 568 of the 1987 Session Laws reads as rewritten:
"Sec. 3. This act shall become effective for
taxable years beginning on or after January 1, 1988, and shall expire for
taxable years beginning on or after January 1, 1993. Notwithstanding the
expiration of the credit, an installment of a credit and any unused portion of
a credit for which the taxpayer qualified before the act expired shall remain
available to the taxpayer, to be taken in accordance with the provisions that
applied to the repealed credit. January 1, 1988."
Sec. 4. Sections 1 and 2 of this act are effective for taxable years beginning on or after January 1, 1992. The remainder of this act is effective upon ratification.
In the General Assembly read three times and ratified this the 2nd day of July, 1991.
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James C. Gardner
President of the Senate
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Daniel Blue, Jr.
Speaker of the House of Representatives