DAILY BULLETIN
The General Assembly of North Carolina
A LEGISLATIVE SERVICE OF THE INSTITUTE OF GOVERNMENT
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STATE LEGISLATIVE BUILDING
P. O. BOX 7294, RALEIGH, N. C.
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For information on status of bills, phone 1-800-662-7910 (toll free) 829-2485
BULLETIN NO. 99 -951- MONDAY, JUNE 2, 1975
PUBLIC BILLS INTRODUCED
HOUSE
H 1201 Real estate board have attorney GS 114, 93A, 93B
Introducer: Laving Sent t0 Rules
"To authorize the Attorney General to employ an attorney to perform legal
services for the Real Estate Licensing Board and to provide for the salary and ex¬
penses for such attorney." Adds new GS 114-4. 2C as title indicates; board to re¬
imburse Dep't of Justice for compensation of attorney. Effective July 1, 1975.
H 1202 Compensate victims of crimes (Iden. S 887) GS 14, 15, 15A
Introducer: Brown Sent to Rules
"To compensate victims of crimes." Identical to S 887, digested in
Bulletin No. 98, p. 940.
к
H 1203 Food tax down; luxury tax added GS 105
" Introducer: Spoon Sent to Finance
"To reduce to one percent (1%) the sales and use tax on certain foods,
and to offset the revenue loss therefrom by increasing the rate of tax upon
cigarettes, malt beverages , liquor, and by imposing a luxury tax upon certain
articles j of tangible personal property. " Amends various sections of GS Ch. 105
to (1) reduce from three to one percent sales tax on following categories of
food: food products purchased in unbroken packages for off-premises consumption,
"essential foods for home consumption" (fruits, vegetables, meat, frozen foods,
etc.), boarding house meals when sold to permanent roomers* (but not other prepared
meals); specifically retains three percent tax for foods sold through vend^ft
machines, beer, soft drinks, candy, etc.; (2) raise cigarette tax from jne mill to
two mills; specifies that increase applies to inventory on hand: (3) raise excise
tax on beer from $7.50 per 31-gallon barrel to $13.62; (4) raise excise tax on
spirituous liquor from 22.5% to 32% of sales price; (5) .mpose 4% luxury excise
tax on jewelry, furs, perfumes, luggage (excludes jewelry for religious purposes,
certain baby products, etc.); retailers to collect luxury excise taxes, payable
monthly. Effective July 1, 1975 (except for increases in excise taxes on beer
and spirituous liquors, which are effective August 1, 1975).
H 1204 Contract loan interest rate GS 24
Introducer: Lilley * Sent to Rules
"To amend G.S. 24-1.1 contract rates by providing that the interest ceiling
shall be ten percent (10%) where principal amount is one hundred thousand dollars
) ($100,000) or less and is secured by a first mortgage or first deed of trust on
real property." Amends GS 24-1.1 to eliminate present 8% ceiling on interest rate
on loan of $50,000 or less secured by first mortgage on real property, and to make
present 10% ceiling on like loan of between $50,000 and $100,000 applicable to all
loans of $100,000 or less. Applicable only to obligations created after ratification.
Copyright 1975 • Institute of Government, University of North Carolina at Chapel Hill
Not to be reproduced in whole or part without written permission
