New Tax Changes Await Governor's Signature

This afternoon the House concurred in the changes the Senate made in HB 1050 - Omnibus Tax Changes. The House bill exempted half the price of a modular home from NC sales tax; the Senate removed that exemption. The House bill capped the privilege license tax on businesses at $100; the Senate eliminates the tax on July 1, 2015. Other differences between the two were minor.

NC civics note**[The state constitution requires that a bill pass each chamber in identical form before it can be ratified. When one chamber makes changes to a bill that started in the other chamber - in this case the Senate changed the House bill - the bill returns to the originating chamber for a concurrence vote. If the bill receives concurrence it can then be ratified; if not, both chambers appointment members to a conference committee to settle the differences and reach a compromise....they hope.]

The Ratified version of the bill is here: http://www.ncleg.net/Sessions/2013/Bills/House/PDF/H1050v5.pdf