Bill Summaries: H995 (2011-2012 Session)

Tracking:
  • Bill H 995 (2011-2012)
    Summary date: May 17 2012 - View summary

    Amends GS 105-164.4(a) to increase the sales and use tax rate by 1%, from 4.75% to 5.75%. Amends GS 105-164.44F (distribution of taxes imposed on telecommunications service) and GS 105-164.44I (distribution of taxes imposed on telecommunications service and video programming service) to reduce the distributions to counties and cities. States that the tax rate increase applies to sales made on or after July 1, 2012, and the distribution modifications apply to distributions made on or after July 1, 2012. Designates the purposes for which the 1% increase will be used, in priority order.
    Amends GS 105-130.3 to reduce the corporate income tax by 1%, from 6.9% to 5.9%, effective for taxable years beginning on or after January 1, 2012. Makes a conforming change to reduce the amount credited to the Public School Building Capital Fund in GS 115C-546.1(b), effective July 1, 2012, and applicable to the calendar quarter ending September 30, 2012.
    Effective for taxable years beginning on or after January 1, 2012, amends GS 105-134.6(a1) to increase the personal exemption for personal income tax to $2,950 for taxpayers with an adjusted gross income up to $100,000, and to $2,350 for incomes over $100,000.
    Education, State Personnel, Tax
    GS 105, GS 115C

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