§ 105-164.44D. Reimbursement for sales tax exemption for purchases by the Department of Transportation. - North Carolina Statutes

§105‑164.44D.  Reimbursement for sales tax exemption for purchases by theDepartment of Transportation.

The amount of sales and usetax revenue that is not realized by the General Fund as the result of the salesand use tax exemption in G.S. 105‑164.13 for purchases by the Departmentof Transportation shall be transferred from the Highway Fund to the GeneralFund in accordance with this section.  This direct transfer is made in lieu ofeliminating the Department of Transportation's sales and use tax exemption toalleviate the administrative and accounting burden that would be placed on theDepartment of Transportation by eliminating the exemption.

For the 1991‑92 fiscalyear, the State Treasurer shall transfer the sum of eight million seven hundredthousand dollars ($8,700,000) from the Highway Fund to the General Fund.  Thetransfer shall be made on a quarterly basis by transferring one‑fourth ofthe annual amount each quarter.

For each fiscal year followingthe 1991‑92 fiscal year, the State Treasurer shall transfer the sumtransferred the previous fiscal year plus or minus the percentage of thatamount by which the total collection of State sales and use taxes increased ordecreased during the previous fiscal year.  In each fiscal year, the transfershall be made on a quarterly basis by transferring one‑fourth of theannual amount each quarter. (1991, c. 689, s. 322.)