GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1999

S	1 

SENATE BILL 484

Short Title:  RMV Tax Budgeting.	(Public)

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Sponsors: Senator Clodfelter.

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Referred to:  Finance.

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March 24, 1999

A BILL TO BE ENTITLED
AN ACT CHANGING THE METHOD OF CALCULATING THE RATIO OF PROPERTY TAX COLLECTIONS TO THE TOTAL LEVY FOR LOCAL GOVERNMENT BUDGETING PURPOSES RELATING TO THE REGISTERED MOTOR VEHICLE TAX.
The General Assembly of North Carolina enacts:
Section 1.  G.S. 159-13(b)(6) reads as rewritten:
"(b)	The following directions and limitations shall bind the governing board in adopting the budget ordinance:
(6)	The estimated percentage of collection of property taxes shall not be greater than the percentage of the levy actually realized in cash as of June 30 during the preceding fiscal year; provided, however, that for purposes of the calculation under this subdivision only, the levy for the registered motor vehicle tax and the collections realized in cash with respect to such levy shall both be based on the nine-month period ending on March 31 of the preceding year."
Section 2.  This act becomes effective July 1, 1999, and shall apply to budget ordinances for the fiscal year beginning on that date.