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E-mail
your OFFICERS
(click on the name
for e-mail address)
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Board Member Spotlight
"Calling ALL Board Members"
This is your chance to relish in a moment of fame. We are in
need of a board member's bio!
Please e-mail your bio to jblakey@plan4taxes.com
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North Carolina News
Preparing you for the FUTURE
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President's Message
Greetings! I hope this message finds the membership well and fully recovered
from another tax filing season. The many challenges were overcome and
our clients were once again happy with the members of the North
Carolina Chapter of NATP for providing quality services. Expanding on
that thought, many members are going to take advantage of the quality
educational programs being offered at this year's national convention
and seminar in Reno, NV this July. I urge you to seriously consider
attending if you have not already made the decision to do so. With
the variety of educational topics offered, there is something for
everyone. I hope to see you all there. Please look me up. I would be
delighted to share a preconference morning cup of coffee, an
afternoon exchange of thoughts on the day's topics or just to say
hello. For those who do plan to attend please contact Geraldine
Harris-Hollway. She will be coordinating our chapter table again,
after the great job she did for our chapter last year. I will update
you regarding matters of importance transpiring at this year's
National Conference in our next newsletter.
YOUR OPINIONS DO COUNT WITH US!
I have waited longer than usual to get this newsletter into your
hands because I wanted to have the plans firmed for our chapter
seminar and convention. I can now say that this year's NC Chapter of
NATP event will take place starting Sunday evening Oct. 25, 26 &
27, much earlier than the usual December timeframe. We have listened
to the membership opinions and survey responses and have acted
accordingly. One of the most exciting changes to our seminar pertains
to your chapter refocusing the course materials to center on ALL
types of NORTH CAROLINA issues, from taxes of all types, income,
corporate, sales and etc., employment security issues, and Social
Security matters as it relates to North Carolina residents. Next, we
have moved the location to the Holiday Inn at Cherokee. We are better
able to accommodate a larger attendance at this venue. Cherokee and
the surrounding area offer many attractions appealing to all. This will
enable you and your guests to enjoy some of the best that our
beautiful state of North Carolina has to offer. Lastly, and what I
consider most important to all in today's cost conscious environment,
is that thanks to your educational committee's negotiating ability we
are able to bring this year's seminar and convention to you at a
new
LOWER SEMINAR PRICE of $199
LOWER HOTEL
PRICE of $70/night + tx
You must register before September
9th to take advantage of the new lower price. We are taking a chance
on implementing four big changes at one time, (1)date change,
(2)location change, (3) content change and (4) price reduction. I
hope all members will make plans to attend this year. I can promise
that a great time will be had by all. The registration forms will be
mailed soon and they will also be available at the North Carolina
chapter's website posted through National. Login in and check it out.
Hotel information will also be available there as well. Mike Barrier,
your treasurer, will be able to answer any questions you have
regarding the registration process, so call or email him with your
inquiries. Look further in the newsletter for more information
regarding the seminar and speakers. So you see, YOUR OPINIONS DO
COUNT!
Enjoy your summer, you worked hard, you've earned it! Hope to see you
all at National in July and Cherokee in October. Travel safely.
Respectfully submitted,
Gerard F. Cannito, CPA CFP®
President NC
Chapter NATP
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NC NATP -
Annual Conference
"Doing Business in North Carolina - A Focus on NC Tax
Issues"
When: October 25-27, 2009
Where: Holiday Inn Cherokee
37 Tsalagi Rd.
Cherokee, NC 28719
Phone: (828) 497-9181
***Call the hotel directly to make
your reservations***
For the
Group rate of $70.00 mention "NAT"
Registration Cost:
Before September 25, 2009
After September 25, 2009
Member:
$224.00
Non-Member: $259.00
*Additional Banquet Guest: $30.00
Some Highlights:
- Key note
Speaker : Guido van der Hoeven - on NC Tax Issues
- Banquet:
Monday October 26, 2009 at 6:30pm
...and so much more!!!
Watch for the Brochure soon, which will highlight more of the
exciting speakers & topics.
I hope to see you all there!!!
Remember Register Early!!!
For more information regarding registration
contact:
Mike Barrier - NC Chapter NATP Treasurer
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Regulations 101
NC Constitution
FINANCE
Section 1. No capitation tax to be levied.
No poll
or capitation tax shall be levied by the General Assembly or by any
county, city or town, or other taxing unit.
Section 2. State and local taxation.
(1) Power of taxation. The power
of taxation shall be exercised in a just and equitable manner, for public
purposes only, and shall never be surrendered, suspended, or
contracted away.
(2) Classification. Only the General
Assembly shall have the power to classify property for taxation,
which power shall be exercised only on a State-wide basis and shall not
be delegated. No class of property shall be taxed except by uniform
rule, and every classification shall be made by general law uniformly
applicable in every county, city and town, and other unit of local
government.
(3) Exemptions. Property belonging
to the State, counties, and municipal corporations shall be exempt
from taxation. The General Assembly may exempt cemeteries and
property held for educational, scientific, literary, cultural,
charitable, or religious purposes, and, to a value not exceeding
$300, any personal property. The General Assembly may exempt from
taxation not exceeding $1,000 in value of property held and used as
the place of residence of the owner. Every exemption shall be on a
State-wide basis and shall be made by general law uniformly
applicable in every county, city and town, and other unit of local
government. No taxing authority other than the General Assembly may
grant exemptions, and the General Assembly shall not delegate the
powers accorded to it by this subsection.
(4) Special tax areas. Subject to
the limitations imposed by Section 4, the General Assembly may enact
general laws authorizing the governing body of any county, city, or
town to define territorial areas and to levy taxes within those
areas, in addition to those levied throughout the county, city, or
town, in order to finance, provide, or maintain services, facilities,
and functions in addition to or to a greater extent than those
financed, provided, or maintained for the entire county, city, or
town.
(5) Purposes of property tax. The
General Assembly shall not authorize any county, city or town,
special district, or other unit of local government to levy taxes on
property, except for purposes authorized by general law uniformly
applicable throughout the State, unless the tax is approved by a
majority of the qualified voters of the unit who vote thereon.
(6) Income tax. The rate of tax on
incomes shall not in any case exceed ten percent, and there shall be
allowed personal exemptions and deductions so that only net incomes
are taxed.
(7) Contracts. The General Assembly
may enact laws whereby the State, any county, city or town, and any
other public corporation may contract with and appropriate money to
any person, association, or corporation for the accomplishment of
public purposes only.
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GAS TAX
April 9, 2009 Lawmakers gave final
approval to change North Carolina's gasoline tax, three years after
their decision to cap the tax pleased motorists but sent
road-building revenues nearly a half-billion dollars lower than
projected.
The bill passed the House Monday night by a 64-52
vote and is likely to be signed into law by Gov. Beverly Perdue. It
would mean taxes at the pump won't go down 2 cents a gallon to 27.9
cents on July 1 as expected under current law.
The change would turn a cap on the gasoline tax at 29.9 cents per
gallon into a floor - meaning it could go no lower than 29.9 cents
through the middle of 2011.
Legislative fiscal analysts say the change could generate $67.5
million more next fiscal year to build highways and bridges as the
tax rises to the floor next month and 30.4 cents next January. The
tax is readjusted twice a year based on the wholesale gas prices.
It's
a small drop in the bucket for transportation needs in the state - there's
an estimated $65 billion gap between transportation revenues and
needs in North Carolina through 2030, said Rep. Nelson Cole,
D-Rockingham, the House transportation budget subcommittee
co-chairman.
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North Carolina Missed Out
RALEIGH, N.C. - North Carolina missed its chance to have a
Miley Cyrus movie filmed on its coast by a tax credit of at least
$125,000.
The
News & Observer of Raleigh
reported Tuesday that producers for the teen sensation's "The
Last Song," wanted a tax credit worth between $125,000 and
$225,000.
Documents released to the newspaper by the state Department of
Commerce show that state revenue officials didn't think Walt Disney
Pictures should receive the credit.
An announcement of the movie deal by Gov. Beverly Perdue was scuttled
five minutes before it was scheduled because no deal was reached.
If the movie had come to North Carolina instead of going to Georgia's
coast, it would have meant up to 500 summer jobs and more than $17
million in revenue.
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Information from: The News
& Observer
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iNC
June 9, 2009 RALEIGH, N.C. (AP) -- The General Assembly
on Monday approved changing the state's tax law with hopes it will
result in Apple Inc. announcing a $1 billion investment within days.
The Senate
voted 40-8 to go along with conditions including that the company
invest in a rural area. The final round of debate lasted less than a
minute.
Sen. Tom Apodaca, R-Henderson, urged rejection. He had previously
lambasted business recruiters and lawmakers for focusing on
high-profile, big companies and ignoring small businesses. Sen. David
Hoyle, R-Gaston, said small companies near the site of a promised
data center would benefit by providing services.
"There is a lot in this for small businesses," Hoyle said.
The legislation was sent to Gov. Beverly Perdue, who was expected to
sign the bill into law quickly.
An Apple spokeswoman said the company had no comment. The bill would
give the qualifying company a break on state corporate income taxes.
The tax break could be worth about $46 million in the next decade,
assuming the lone, unnamed company projected to qualify reaches its
$1 billion investment target within nine years of starting, according
to a memo by legislative fiscal staffers.
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NEXT OF KIN ~ SALES TAXES
As of January
2008, forty-five states levy sales and use taxes. State sales tax
rates range from 2.9% to 7.25%, with a median rate of 5.4%. The state
sale tax rate for North Carolina is 4.75%. There are thirty five
states with a higher state sales tax rate and fourteen states with a
lower rate than North Carolina. North Carolina's state rate ranked
fifth among the southeastern states (1), and ninth among the eleven
most populated states (2).
Thirty states that levy a sales and use tax exempt food. Prescription
medicine is exempt in all states except Illinois which levies a 1%
tax. Certain nonprescription drugs are exempt in eleven states, while
Illinois levies a 1% tax. Nonprescription drugs are subject to the
state and local sales tax in North Carolina.
(1) Georgia, Kentucky, North Carolina, South Carolina, Tennessee,
Virginia
(2) California, Florida, Georgia, Illinois, Michigan, New Jersey, New
York, North
Carolina, Ohio, Pennsylvania, Texas
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B.Y.O.B.
With voter approval
or special legislation, localities are permitted to sell liquor
by-the-drink in qualifying restaurants, hotels, convention centers,
community theaters, sports clubs, tour boats, and private clubs. A
tax of $20 per four liters (of which $9 is allocated to local
government) is levied on liquor purchased for sale by the drink. The
liquor must be purchased at ABC stores. As of June 2007, 76 cities
and 44 counties approved liquor by-the-drink sales.
NC Tax Guide 2008 Office of State Budget and Management
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 Something to think
about......
- In
the Internal Revenue Code of 1939, the top rate was 75%. The top
rate reached 94% during the war and remained at 91% until
1964. - Wikipedia
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