A new bill introduced in the NC Senate, S126, would reduce sales tax revenues distributed to Emerald Isle, Carteret County, and all other municipalities in Carteret County. If ultimately approved, Emerald Isle is expected to lose an estimated $64,000 - $83,000 of sales tax revenue annually. Carteret County stands to lose an estimated $756,000 - $913,000 annually. Other tourism-dependent communities that have a significant seasonal population would also be harmed by this new bill, including other beach and mountain communities.
Proposed S126 would establish new adjustment factors for the distribution of a portion of local sales tax revenue, and seeks to allocate additional revenue to poorer, rural counties in North Carolina. The Town appreciates and applauds this goal, but believes that such efforts should be funded by the State of North Carolina rather than certain other North Carolina counties and municipalities. The Town is currently working with other municipal and county officials and our representatives in the NC General Assembly on this issue, and seeks to promote State revenue distribution formulae that recognize the significant economic contributions, significant tax payments, and significant service demands associated with seasonal residents and visitors.
Friday, March 3, 2017 2:46:00 PM