North Carolina General Statutes 105-164.44M. Transfer to Highway Fund
Terms Used In North Carolina General Statutes 105-164.44M
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
(a) Aviation. – The net proceeds of the tax collected on aviation gasoline and jet fuel under N.C. Gen. Stat. § 105-164.4 must be transferred within 75 days after the end of each fiscal year to the Highway Fund. This amount is annually appropriated from the Highway Fund to the Division of Aviation of the Department of Transportation for prioritized capital improvements to general aviation airports for time-sensitive aviation capital improvement projects for economic development purposes.
(b) Transportation Needs. – At the end of each quarter, the Secretary must transfer to the Funds listed below a percentage of the net proceeds of the tax collected under this Article at the State‘s general rate of tax set in N.C. Gen. Stat. § 105-164.4(a). The percentages that must be transferred are as follows:
Percentage to Percentage to
Fiscal Year Highway Fund Highway Trust Fund
2022-23 2% 0%
2023-24 1% 3%
2024-25 and thereafter 1.5% 4.5%.
(2015-259, s. 4.1(d); 2017-57, s. 34.21(a); 2022-74, s. 42.3(a).)