Item:
Title
Request for approval of a Resolution authorizing and approving the levy of an additional two dollars ($2.00) of the motor vehicle registration tax by the Research Triangle Regional Public Transportation Authority (dba "GoTriangle") as authorized by North Carolina General Statute ?105-561.
Body
Date of BOCC Meeting: November 12, 2024
Request for Board Action:
Agenda Text
The Board is requested to approve the resolution authorizing and approving the levy of an additional two dollars $2.00 of the motor vehicle registration tax by the Research Triangle Regional Public Transportation Authority dba GoTriangle as authorized by North Carolina General Statute ?105-561.
The Research Triangle Regional Public Transportation Authority d/b/a GoTriangle ("GoTriangle") is a regional public transportation authority created pursuant to Article 26 of Chapter 160A of the North Carolina General Statutes with the authority to levy an annual license tax upon any motor vehicle with a tax situs within its territorial jurisdiction. The purpose of the tax levied under this Article is to raise revenue for capital and operating expenses of an Authority in providing public transportation systems.
The North Carolina General Assembly passed House Bill 199 allowing for a two-dollar ($2) increase in vehicle registration tax and it was signed into law July 2, 2024 (Attachment 1, Page 26). GoTriangle, as the regional transit tax district for Wake, Durham and Orange Counties, anticipates an additional $2.6 million in annual revenue via the funds collected from the increase.
Pursuant to current statutory provision, the rate of tax levied under this Article may not exceed ten dollars ($10.00) per year. GoTriangle currently levies an annual license tax on motor vehicles in Durham, Orange and Wake counties of eight dollars ($8.00) per year. Three dollars ($3.00) of this tax is dedicated as a local source of revenue to support the Durham County Transit Plan, Durham County Transi...
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