GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1997

H	1 

HOUSE BILL 148

Short Title:  Automatic Annual Tax Reduction.	(Public)

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Sponsors: Representatives Shubert, Blue, Cansler, Capps, Church, Neely; Aldridge, Allred, Clary, Culp, Eddins, McComas, Morris, Rayfield, Reynolds, C. Wilson, and G. Wilson.

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Referred to:  Finance.

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February 13, 1997

A BILL TO BE ENTITLED
AN ACT TO PROVIDE AUTOMATIC ANNUAL INCOME TAX REDUCTIONS AND TAX SIMPLICITY BY INDEXING THE STATE'S PERSONAL EXEMPTION AMOUNTS TO THE FEDERAL PERSONAL EXEMPTION AMOUNTS.
The General Assembly of North Carolina enacts:
Section 1.  G.S. 105-134.6(c)(4a) is repealed.
Section 2.  The Department of Revenue shall draw from collections under Division II of Article 4 of Chapter 105 of the General Statutes for the 1997-98 fiscal year the amount needed to pay for the cost of printing and mailing new withholding tables required by this act, up to a maximum of one hundred sixteen thousand six hundred dollars ($116,600) for the 1997-98 fiscal year.
Section 3.  This act is effective for taxable years beginning on or after January 1, 1998.