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In order to raise sufficient funds to pay the current expenses of the town, the Board of Commissioners may each year levy and collect upon all the real and personal property within the town an annual ad valorem tax not in excess of $1.50 on each $100 in valuation of that property.
(1940 Code, Ch. D, Art. I, § 1)
The rate fixed for taxation in § 35.01 shall be exclusive of all rates levied for the payment of principal and interest upon bonds or notes of the town heretofore or hereafter issued, as to which taxes, bonds and notes there shall be no limit as to rate and for the payment of which the Board of Commissioners shall have authority to levy and collect upon all of the real and personal property within the town an unlimited tax.
(1940 Code, Ch. D, Art. I, § 2)
FRANCHISE TAX ON ELECTRIC POWER COMPANIES
For the purpose of this subchapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning. Except as otherwise provided in this subchapter, the definitions of words, terms and phrases as set forth and/or applied in G.S. Chapter 105, Article 3 are hereby adopted by reference and made a part hereof. Reference to any provision or provisions in the General Statutes shall include the same as may be from time to time amended, modified, supplemented, revised or superseded.
CITY/TOWN/VILLAGE. The Town of Elkin.
REVENUE ACT. G.S. Chapter 105, Subchapter I.
SECRETARY OF REVENUE. The Secretary of Revenue of this state.
STATE FRANCHISE TAX. G.S. Chapter 105, Article 3.
STATE FRANCHISE TAX ACT. The franchise or privilege tax imposed on an electric power company engaged in the business of furnishing electricity, electric lights, current or power, as provided in G.S. Chapter 105, Article 3, entitled “Franchise Tax.”
TAYPAYER(S). Any electric power company liable for the taxes imposed by this subchapter.
TAX COLLECTOR. The department of the town government or the official agency of the state designated by law and authorized by law to administer the collection of the tax herein levied.
TOWN FRANCHISE TAX. The franchise enacted by this subchapter.
(Ord. eff. 6-10-2002)
All valid and subsisting permits to do business issued by the Secretary of Revenue pursuant to the Revenue Act are for the purposes of this subchapter hereby ratified, confirmed and adopted in lieu of any requirement for an additional town permit for the same purpose.
(Ord. eff. 6-10-2002)
A franchise tax is hereby levied and imposed for the period(s) designated in § 35.19 upon the electric power companies engaged in the business of furnishing electricity, electric lights, current or power within the corporate limits of the town. The tax shall be 3.09% of the companies’ taxable gross receipts from the business of furnishing electricity, electric lights, current or power. It is intended that taxable gross receipts hereunder shall be the same as those taxable under the State Franchise Tax Act.
(Ord. eff. 6-10-2002)
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