1999 Tax Law Changes - Studies


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.)