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) |
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Sponsors: |
Senators McKissick; Atwater, Jones, Kinnaird, Purcell, Stein, and Vaughan. |
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Referred to: |
Finance. |
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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.
.…"
SECTION 2. This act becomes effective January 1, 2011.