§ 105-187.9. (For effective date, see note) Disposition of tax proceeds. - North Carolina Statutes

§ 105‑187.9.  (Foreffective date, see note) Disposition of tax proceeds.

(a)        Distribution. – Taxescollected under this Article at the rate of eight percent (8%) shall becredited to the General Fund. Taxes collected under this Article at the rate ofthree percent (3%) shall be credited to the North Carolina Highway Trust Fund.

(b)        (Effective untilJuly 1, 2009) Transfer. – In each fiscal year the State Treasurer shalltransfer the amounts provided below from the taxes deposited in the Trust Fundto the General Fund. The transfer of funds authorized by this section may bemade by transferring one‑fourth of the amount at the end of each quarterin the fiscal year or by transferring the full amount annually on July 1 ofeach fiscal year, subject to the availability of revenue.

(1)        The sum of onehundred forty‑five million dollars ($145,000,000).

(2)        In addition to theamount transferred under subdivision (1) of this subsection, the sum of onemillion seven hundred thousand dollars ($1,700,000) shall be transferred in the2001‑2002 fiscal year. The amount distributed under this subdivisionshall increase in the 2002‑2003 fiscal year to the sum of two millionfour hundred thousand dollars ($2,400,000). In each fiscal year thereafter, thesum transferred under this subdivision shall be the amount distributed in theprevious fiscal year plus or minus a percentage of this sum equal to thepercentage by which tax collections under this Article increased or decreasedfor the most recent 12‑month period for which data are available.

(b)        (Effective July1, 2009 until July 1, 2010) Transfer. – In each fiscal year the StateTreasurer shall transfer the amounts provided below from the taxes deposited inthe Trust Fund to the General Fund. The transfer of funds authorized by thissection may be made by transferring one‑fourth of the amount at the endof each quarter in the fiscal year or by transferring the full amount annuallyon July 1 of each fiscal year, subject to the availability of revenue.

(1)        The sum of onehundred six million dollars ($106,000,000).

(2)        In addition to theamount transferred under subdivision (1) of this subsection, the sum of onemillion seven hundred thousand dollars ($1,700,000) shall be transferred in the2001‑2002 fiscal year. The amount distributed under this subdivisionshall increase in the 2002‑2003 fiscal year to the sum of two millionfour hundred thousand dollars ($2,400,000). In each fiscal year thereafter, thesum transferred under this subdivision shall be the amount distributed in theprevious fiscal year plus or minus a percentage of this sum equal to thepercentage by which tax collections under this Article increased or decreasedfor the most recent 12‑month period for which data are available.

(b)        (Effective July1, 2010) Transfer. – In each fiscal year the State Treasurer shall transferthe amounts provided below from the taxes deposited in the Trust Fund to theGeneral Fund. The transfer of funds authorized by this section may be made bytransferring one‑fourth of the amount at the end of each quarter in thefiscal year or by transferring the full amount annually on July 1 of eachfiscal year, subject to the availability of revenue.

(1)        The sum of seventy‑onemillion dollars ($71,000,000).

(2)        In addition to theamount transferred under subdivision (1) of this subsection, the sum of onemillion seven hundred thousand dollars ($1,700,000) shall be transferred in the2001‑2002 fiscal year. The amount distributed under this subdivisionshall increase in the 2002‑2003 fiscal year to the sum of two millionfour hundred thousand dollars ($2,400,000). In each fiscal year thereafter, thesum transferred under this subdivision shall be the amount distributed in theprevious fiscal year plus or minus a percentage of this sum equal to the percentageby which tax collections under this Article increased or decreased for the mostrecent 12‑month period for which data are available.  (1989, c. 692, s. 4.1; c.799, s. 33; 1993, c. 321, s. 164(a); 2001‑424, s. 34.24(c); 2001‑513,s. 15; 2008‑107, s. 25.5(a), (c), (e).)