New Tax Changes Await Governor's Signature

This afternoon the House concurred in the changes the Senate made in HB 1050 - Omnibus Tax Changes. The House bill exempted half the price of a modular home from NC sales tax; the Senate removed that exemption. The House bill capped the privilege license tax on businesses at $100; the Senate eliminates the tax on July 1, 2015. Other differences between the two were minor.

NC civics note**[The state constitution requires that a bill pass each chamber in identical form before it can be ratified. When one chamber makes changes to a bill that started in the other chamber - in this case the Senate changed the House bill - the bill returns to the originating chamber for a concurrence vote. If the bill receives concurrence it can then be ratified; if not, both chambers appointment members to a conference committee to settle the differences and reach a compromise....they hope.]

The Ratified version of the bill is here: http://www.ncleg.net/Sessions/2013/Bills/House/PDF/H1050v5.pdf

 

Topics:  Legislative Committees, New Legislation, Omnibus Tax

Published In: Constitutional Law Updates, Elections & Politics Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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