N.C. Gen. Stat. § 105-228.5B

Current through Session Law 2024-58

Section 105-228.5B - Distribution of part of tax proceeds to High Risk Pool

By November 1 of each year, the State Treasurer must transfer from the General Fund to the North Carolina Health Insurance Risk Pool Fund established in G.S. 58-50-225 an amount equal to thirty percent (30%) of the growth in revenue from the tax applied to gross premiums under G.S. 105-228.5(d)(2). The growth in revenue from this tax is the difference between the amount of revenue collected during the preceding fiscal year on premiums taxed under that subdivision less $475,545,413, which is the amount of revenue collected during fiscal year 2006-2007 on premiums taxed under that subdivision. The Treasurer must draw the amount required under this section from revenue collected on premiums taxed under that subdivision.

N.C. Gen. Stat. § 105-228.5B

Amended by 2009 N.C. Sess. Laws 445,s. 10, eff. 8/7/2009.

Amended by 2008 N.C. Sess. Laws 118,s. 3.2.(d), eff. 7/28/2008, exp. 6/30/2010, s. 3.2.(e), eff. 6/30/2010.

Amended by 2007 N.C. Sess. Laws 532,s. 4.(b), eff. 6/30/2010.

Added by 2007 N.C. Sess. Laws 532,s. 4.(a), eff. 8/31/2007.

2007 N.C. Sess. Laws 532,s. 4.(c), states, "Subsection (b) of this section becomes effective June 30, 2010, and applies to the transfer at the end of fiscal year 2009-2010. The remainder of this section is effective when it becomes law and applies to transfers for fiscal years ending on or after June 30, 2008."