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2003 SESSION

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HB 2433 Sales and use tax; rate increase.

Introduced by: James H. Dillard, II | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Sales and use tax; rate increase. Increases the state sales and use tax 1 percent from 3.5 percent to 4.5 percent. One-half of the 1 percent increase will be appropriated (i) for salary increases for teachers in public schools, and (ii) to address the problems in public education identified in a recent study by the Joint Legislative and Review Commission. The remaining one-half percent of the increase will be distributed to localities to be used for education purposes according to the following formula (i) one-third based on point of sale; (ii) one-third based on a set per pupil amount, based on the latest actual adjusted average daily membership, and adjusted by the locality's composite index of ability to pay; and (iii) one-third in the same manner that 1 percent of the current state sales and use tax is distributed among localities.

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