Bill Summaries: H323 (2011-2012 Session)

Tracking:
  • Bill H 323 (2011-2012)
    Summary date: Mar 10 2011 - View summary

    Amends GS 105-130.3, which lists the corporate tax rate, to add that the tax rate for income years beginning before 2011 is 6.9%, and the tax rate for income years beginning in or after 2011 is 4.75%. Makes a conforming change to delete the previously listed tax rates. Effective for taxable years beginning on or after January 1, 2011.
    Amends GS 115C-546.1(b) to modify the amount credited to the Public School Building Capital Fund each calendar quarter from collections received by the Department of Revenue as follows: 5/69 of the net collections for October 1, 2000, through September 30, 2011, and 1/95 of the net collections after October 1, 2011. Makes a conforming change to delete the previously listed fractions and time periods. Effective July 1, 2011, and applies to the calendar quarter that ends September 30, 2011.
    Business and Commerce, Tax
    GS 105, GS 115C

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