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1 RESOLUTION ' LEVYING A TAX ON GROSS RECEIPTS DERIVED FROM RETAIL SHORT-TERM LEASE OR RENTAL OF HEAVY EQUIPMENT WHEREAS, the North Cazolina General Assembly has ratified Senate Bill 1852, which has ' been designated as Session Law 2008-144 (the "Act"); and WHEREAS, the Act repealed the ad valorem property tax on certain heavy equipment leased or ' rented under retail short-term leases or rentals and authorized counties to replace the lost tax revenue through enactment of a local tax on gross receipts derived from the retail short-term lease or rental of that heavy equipment. ' NOW THEREFORE, BE IT RESOLVED by the Cabarrus County Board of Commissioners that a tax be levied on gross receipts derived from the retail short-term lease or rental of heavy ' equipment. Section 1. Definitions. In addition to the common meanings of words, the following definitions shall be applicable herein: h " " ort-term shall mean any person that leases or rents heavy equipment on a s (a) Customer lease or rental basis. ' (b) "Finance Officer" shall refer to that individual appointed pursuant to G.S.§159-24 to serve as finance officer for Cabarrus County and any other person authorized to carry out the duties and ' functions of such individual. " " shall refer to the North Cazolina General Statutes and any reference General Statutes (c) to a particulaz section thereof shall include the same as may be from time to time amended, modified, ' supplemented, revised or superseded. (d) "Gross Receipts" shall mean the amount that is or would be reported as gross receipts on a business's state income tax return, or on the federal income tax return filed with the state income ' tax return if the state return does not sepazately state gross receipts for the most recently completed tax yeaz. Taxes collected hereunder aze not subject to the tax herein imposed and are not included in gross ' receipts. " " shall mean earthmoving, construction, or industrial equipment that Heavy Equipment (e) is mobile, weighs at least 1,500 pounds, and is either: (i) Aself-propelled vehicle that is not designed to be driven on a highway; or ' (ii) Industrial lift equipment, industrial material handling equipment, industrial electrical generation equipment, or a similaz piece of industrial equipment. The term includes an attachment for heavy equipment, regazdless of the weight of the attachment. [G.S. § 153A-156.1(a)(1)] (f) "Lease or Rental" shall mean a transfer of possession or control of tangible personal ' property for a fixed or indeterminate term for consideration. The term does not include any of the following: Item# 23 Attachment number 1 F-21 Page 293 of 468