GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 2009

 

 

SESSION LAW 2009-395

HOUSE BILL 311

 

 

AN ACT to continue the construction funding of schools through the first and the Second one-half cent sales and use taxes.

 

The General Assembly of North Carolina enacts:

 

SECTION 1.  G.S. 105-487(a) reads as rewritten:

"§ 105-487.  Use of additional tax revenue by counties.

(a)        Except as provided in subsection (c), forty percent (40%) of the revenue received by a county from additional one-half percent (1/2%) sales and use taxes levied under this Article during the first five fiscal years in which the additional taxes are in effect in the county and thirty percent (30%) of the revenue received by a county from these taxes in the next 23 after the first five fiscal years in which the taxes are in effect in the county may be used by the county only for public school capital outlay purposes as defined in G.S. 115C-426(f) or to retire any indebtedness incurred by the county for these purposes."

SECTION 2.  G.S. 105-502(a) reads as rewritten:

"§ 105-502.  (Effective October 1, 2009) Use of additional tax revenue by counties.

(a)        Restriction. - For the first 25 fiscal years in which taxes levied under this Article by a county are in effect, the The county must use sixty percent (60%) of the amount of revenue specified in this subsection for public school capital outlay purposes as defined in G.S. 115C-426(f) or to retire any indebtedness incurred by the county for these purposes during the period beginning five years prior to the date the taxes took effect:

(1)        The amount of revenue the county receives under this Article.

(2)        If the amount allocated to the county under G.S. 105-486 is greater than the amount allocated to the county under G.S. 105-501(a), the difference between the two amounts."

SECTION 3.  This act becomes effective January 1, 2010, and applies to sales made on or after that date.

In the General Assembly read three times and ratified this the 23rd day of July, 2009.

 

 

                                                    s/  Walter H. Dalton

                                                         President of the Senate

 

 

                                                    s/  William L. Wainwright

                                                         Speaker Pro Tempore of the House of Representatives

 

 

                                                    s/  Beverly E. Perdue

                                                         Governor

 

 

Approved 12:47 p.m. this 31st day of July, 2009