Rep. Mike Hager- This week in Raleigh

Rep. Mike Hager
Rep. Mike Hager

RALEIGH- This week, House Bill 394: Increase Options for Local Option Sales Ta passed its third reading in the House, and will now be sent to the Senate.

Representative Hager ran an amendment last week to include Rutherford, Nash, and Franklin Counties in the bill. The bill also includes Ashe, Columbus, Hoke, Richmond, Robeson, Scotland, and Watauga Counties.

House Bill 394 would authorize those counties to conduct a referendum on the question of whether to levy a local sales and use tax at the rate of one-quarter percent (1/4%) to be used only for school construction or renovation, for the purchase of land or facilities for schools, and to pay indebtedness incurred by the county for these purposes.

This week, the House passed a Continuing Resolution, SB 560 – 2012 Continuing Budget Authority. This will ensure funding for the current operations of state government while the House and Senate work out the details of the new budget. The Continuing Resolution will be in effect until August 31st, 2015 at 11:59 PM.
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On Wednesday, House Bill 168: Exempt Builders’ Inventory  passed a concurrence vote in the House, and it will now be sent to the Governor to be signed. The bill allows a property tax exemption for any increase in the value of certain real property held for sale by a builder.  

The builder must continuously hold the property for sale. The exclusion is allowed starting at the time property is improved and should be listed for taxation by the builder. The exclusion ends when the property is sold or 3 years for residential (5 years for commercial) from the time the builder should have listed the property. The builder must apply for this exclusion annually.

 

Source: Rep. Mike Hager webpage