N.C. Gen. Stat. § 105-228.5B
Distribution of part of tax proceeds to High Risk Pool
Redline — June 1, 2021 → current.View current text →
Current — April 1, 2022
As of June 1, 2021
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.
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.
History
(2007-532, s. 4(a), (b); 2008-118, s. 3.2(d), (e); 2009-445, s. 10.)
Effect of Amendments. - Session Laws 2007-532, s. 4(b), effective June 30, 2010, inserted "thirty percent (30%) of" preceding "the growth in revenue from the tax applied to gross premiums under G.S. 105-228.5(d)(2) " in the first sentence.
Session Laws 2008-118, s. 3.2(d), effective July 1, 2008, deleted "Special" following "Risk Pool" in the first sentence.
Session Laws 2008-118, s. 3.2(e), effective June 30, 2010, and applicable to the transfer at the end of fiscal year 2009-2010, substituted "Distribution of part of tax proceeds" for "Proceeds credited" in the section heading, and inserted "thirty percent (30%) of" in the first sentence.
Session Laws 2009-445, s. 10, effective August 7, 2009, substituted "By November 1 of each year" for "Within 75 days after the end of each fiscal year" at the beginning.
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.