NORTH CAROLINA GENERAL ASSEMBLY

1979 SESSION

 

 

CHAPTER 71

HOUSE BILL 112

 

 

AN ACT TO AMEND G.S. 105-164.3(16) TO PROVIDE FOR A MORE EQUITABLE DEFINITION OF "SALES PRICE" WITH RESPECT TO CERTAIN CONTRACTS.

 

The General Assembly of North Carolina enacts:

 

Section 1.  G.S. 105-164.3(16), as it appears in the 1977 Cumulative Supplement to Volume 2D of the General Statutes, is amended by rewriting the second sentence which begins on the ninth line of that subdivision with the phrase "Provided, however," to read as follows:

"Provided, however, that where a manufacturer, producer or contractor erects, installs or affixes tangible personal property upon real property pursuant to a construction or performance-type contract with or for the benefit of the owner of such real property, the sales price shall be the cost of such property to the manufacturer, producer or contractor performing the contract."

Sec. 2.  This act shall become effective July 1, 1979.

In the General Assembly read three times and ratified, this the 21st day of February, 1979.