North Carolina Department of Revenue
Tax Policy Commission: Part III of Chapter 395 of the 1999
Session Laws establishes the North Carolina Tax Policy Study Commission. The
Governor, the Speaker of the House of Representatives, and the President Pro
Tempore of the Senate each have 5 appointments to the Commission. The Commission
is to establish the principles of taxation on which the State's tax structure
should be based, review the tax structure to determine if it meets these principles,
and recommend changes needed to align the tax structure in accordance with the
principles. The Commission is to make a final report to the General Assembly,
the Governor, and the citizens of the State by March 1, 2001.
(Effective July 1, 1999; HB 163, s. 3.1 through 3.13, S.L. 99-395.)
Revenue Laws Study Committee: This committee is directed
to study the regulation of investment advisers and whether any changes are needed
to the Shareholder Protection Act and the Business Corporation Act. The committee
is also authorized in G.S. 120-70.106 to study any aspect of the tax laws. The
committee is authorized to make an interim report to the 2000 General Assembly
and a final report to the 2001 General Assembly.
(Effective July 1, 1999; HB 163, s. 13.1, S.L. 99-395.)
Property Tax Exemptions for Nonprofits: Chapter 191 of
the 1999 Session Laws requires the Legislative Research Commission to conduct
a comprehensive study of property tax exemptions for nonprofit institutions
and make a final report of its findings and recommendations to the 2000 Regular
Session of the 1999 General Assembly.
(Effective June 9, 1999; SB 325, s. 3, S.L. 99-191.)