Bill Text: NC S1398 | 2010 | Regular Session | Amended


Bill Title: Require Tax Incidence Reports

Spectrum: Partisan Bill (Democrat 7-0)

Status: (Introduced - Dead) 2010-05-26 - Ref To Com On Finance [S1398 Detail]

Download: North_Carolina-2010-S1398-Amended.html

GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 2009

S                                                                                                                                                     1

SENATE BILL 1398

 

 

Short Title:        Require Tax Incidence Reports.

(Public)

Sponsors:

Senators McKissick;  Atwater, Jones, Kinnaird, Purcell, Stein, and Vaughan.

Referred to:

Finance.

May 26, 2010

A BILL TO BE ENTITLED

AN ACT to require certain tax incidence reports by the Department of revenue.

The General Assembly of North Carolina enacts:

SECTION 1.  G.S. 105‑256(a) is amended by adding the following subdivision to read:

"(a)       Publications. – The Secretary shall prepare and publish the following:

(2a)      By March 1 of each odd‑numbered year, a report on the overall incidence of the income tax, sales and excise taxes, and property tax. In addition, the Secretary shall prepare for a finance committee, within 15 days of a request of a chair of the committee, an impact analysis report of a bill to change the tax system that would increase, decrease, or redistribute tax by more than twenty million dollars ($20,000,000). In a report required by this subdivision, the report shall present information on the distribution of the tax burden for the overall income distribution, using a systemwide incidence measure that appropriately measures equality and inequality, and by income classes broken down by quintiles. A report required by this subdivision shall use the broadest measure of economic income for which reliable data is available.

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SECTION 2.  This act becomes effective January 1, 2011.

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