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Cabm-rus County <br /> <br />lC3 <br /> <br />Gross Receipts Tax <br />Cabarrus County <br />Public Hearing ttl2012000 <br /> <br />2 CS Why Consider This Tax? <br /> · Senate Bill 1076, Effective 7/112000 <br /> · Exempts rental vehicles from ad valorem taxation <br /> s Replaces ad valorem tax with gross receipts tax <br />3 C3 What Does SB ! 076 Exempt? <br /> · All vehicles that are offered at retail for short-term lease or rental and are owned <br /> or leased by an entity engaged in this business <br /> · Short-term is defined as less than 365 continuous days <br /> · Became effective July 1, 2000 <br />4 CS What is the Gross Receipts Tax? <br /> s blot to exceed t.15% of the monies received from rental or leesing of <br /> motor vehicles held for shod-term rental or lease <br /> · Retailer collects from lessee <br /> s County ls responsible for, colle~tin§ from the retail locations ~here the <br /> lessee takes deliver~ of t~e vehicle <br />s CS Is This Optional? <br /> · The property tax exemption is not optional <br /> - vehicles listed for taxation this year cannot be taxed <br /> - lost revenue of approximately $35k <br /> sThe gross receipts tax is optional <br /> - provides replacement of lost revenue on exemp~Jon <br /> - requires County ordinance <br />6 ~ Logistics <br /> · County provides tax forms to retailers <br /> · Retailers remit monthly to County <br /> · Proposed effective date of 111/200t <br /> <br />Gross Receipts Tax <br /> <br /> <br />