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North Carolina General Statutes Chapter 105. Taxation § 105-449.125. Distribution of tax revenue among various funds and accounts

Current as of January 01, 2023 | Updated by FindLaw Staff

(a) Distribution to Funds.--The Secretary shall allocate the amount of revenue collected under this Article from an excise tax of one-half cent ( 1/2 ¢) a gallon to the following funds and accounts in the percentages indicated:

Fund or Account

Amount

Commercial Leaking Petroleum

Underground Storage Tank Cleanup Fund

Sixty-two and one-half percent (62.5%)

Water and Air Quality Account

Twenty-eight and one-tenth percent (28.1%).

(b) Distribution of Remaining Revenue.--The Secretary shall allocate the remaining excise tax revenue collected under this Article, including any revenue that is allocated but not distributed under subsection (a) of this section, as follows:

(1) Seventy-five percent (75%) to the Highway Fund.

(2) Twenty-five percent (25%) to the Highway Trust Fund.

(c) Accounting.--The Secretary shall charge a proportionate share of a refund allowed under this Article to each fund or account to which revenue collected under this Article is credited. The Secretary shall credit revenue or charge refunds to the appropriate funds or accounts on a monthly basis.

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Cite this article: FindLaw.com - North Carolina General Statutes Chapter 105. Taxation § 105-449.125. Distribution of tax revenue among various funds and accounts - last updated January 01, 2023 | https://codes.findlaw.com/nc/chapter-105-taxation/nc-gen-st-sect-105-449-125/

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