NORTH CAROLINA GENERAL ASSEMBLY

1965 SESSION

 

 

CHAPTER 517

HOUSE BILL 609

 

 

AN ACT TO AMEND CHAPTER 105 OF THE GENERAL STATUTES WITH RESPECT TO THE PAYMENT OF FRANCHISE OR PRIVILEGE TAXES BY ELECTRIC MEMBERSHIP CORPORATIONS.

 

The General Assembly of North Carolina do enact:

 

Section 1.  G.S. 105-116(b) is hereby amended by deleting the period at the end thereof and inserting in lieu thereof the following:

"and this deduction shall not be allowed where the sale was made to any electric membership corporation. From the total gross receipts within this State of an electric membership corporation, there shall also be deducted the amounts paid by such corporation for the purchase of electricity from vendors taxed on such amounts under this Section."

Sec. 2.  All laws and clauses of laws in conflict with the provisions of this Act are hereby repealed.

Sec. 3.  This Act shall be in full force and effect on and after January 1, 1967.

In the General Assembly read three times and ratified, this the 12th day of May, 1965.