Wake County Looks At 1% Sales Tax Increase
From Staff And Wire Reports
Tuesday, March 13, 2007
RALEIGH - According to the Wake County government, the county is trying to get a referendum on the ballot that if approved, may increase Wake County's sales tax an additional 1%. Currently, the county's sales tax on regular sales items is at 6.75%.
The county reports that Wake County State Senators Janet Cowell and Vernon Malone have drafted and introduced legislation on March 7 "to provide the County additional local revenue options."
Senate Bill 610, if approved by the NC General Assembly, would allow Wake County to have a referendum where voters could approve or disapprove of levying (1) an additional 1% local option sales tax, (2) a 1% land transfer tax, and (3) provides impact fee authority.
The bill requires that the county hold the referendum on all three options at the same time.
"Proceeds from the additional sales tax would be equally divided between public school construction and transportation needs," says the county.
The county does say that there would be no restrictions on what the land transfer tax could be spent on but the impact fees can only be used for the provision of new community services facilities. ::