New Sales Tax Legislation Affects Property Owners Associations
A recent North Carolina Sales Tax law has a direct impact on the budget of just about every property owners association.On July 1, the state legislature passed House Bill 1030 – Current Operations and Capital Improvements Appropriations Act of 2016, also known as the “budget bill.” In it are a number of noteworthy changes to current sales tax statutes, the most significant of which affect taxation of repair, maintenance and installation (RMI) services. RMI are services performed on tangible personal property. New rules went into effect making certain RMI services taxable. Read the article…………….
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