GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1997

S	1 

SENATE BILL 82

Short Title:  Refund Intangibles Tax With Interest.	(Public)

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Sponsors: Senators Webster; Allran, Ballantine, Carpenter, Carrington, Clark, Cochrane, East, Forrester, Foxx, Garwood, Hartsell, Kincaid, Ledbetter, McDaniel, Page, and Rucho.

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Referred to:  Finance.

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February 11, 1997

A BILL TO BE ENTITLED
AN ACT TO REFUND THE UNCONSTITUTIONAL INTANGIBLES TAX PAID ON STOCK WITH INTEREST FOR THE 1992 THROUGH 1994 TAX YEARS.
The General Assembly of North Carolina enacts:
Section 1.  Effective retroactively for the 1992, 1993, and 1994 tax years, G.S. 105-203 is repealed.
Section 2.  G.S. 105-266(c) is amended by adding a new subdivision to read:
"(5)	Repealed Tax. – If an act of the General Assembly repeals a tax retroactively, each taxpayer's payment of the repealed tax is an overpayment for the purpose of this section.  On the date the act becomes law, the Secretary shall discover these overpayments of the repealed tax; the Secretary's discoveries are timely for the purposes of this section."
Section 3.  If a taxpayer has a right to a refund under G.S. 105-267 of an overpayment of the tax repealed by Section 1 of this act, the refund shall be made pursuant to G.S. 105-267 rather than pursuant to this act.  Refunds shall be made pursuant to Section 2 of this act and this section only for overpayments the refund of which would otherwise be barred by G.S. 105-267 if Section 1 of this act had not been enacted.
Section 4.  The Department of Revenue shall use the personnel and resources formerly devoted to administration and enforcement of the now repealed intangible personal property tax to administer refunds.  No additional appropriation is necessary to execute refunds.
Section 5.  This act does not affect the rights or liabilities of the State, a taxpayer, or another person arising under a statute amended or repealed by this act before the effective date of its amendment or repeal; nor does it affect the right to any refund or credit of a tax that accrued under the amended or repealed statute before the effective date of its amendment or repeal.
Section 6.  Section 1 of this act is effective retroactively for the 1992, 1993, and 1994 tax years.  The remainder of this act is effective when this act becomes law.