AN ACT to authorize the revenue laws study committee to study whether municipalities should have the authority to levy a LOCAL OPTION SALES TAX FOR BEACH NOURISHMENT AND TO STUDY THE TAXATION AND VALUATION OF LEASEHOLD INTERESTS IN EXEMPT REAL PROPERTY.

The General Assembly of North Carolina enacts:

SECTION 1.  The Revenue Laws Study Committee may study whether municipalities should be granted the authority to levy a local option sales tax for the purpose of providing dedicated funding for beach nourishment and other natural resources preservation and report its findings, together with any recommended legislation, to the 2013 Regular Session of the General Assembly upon its convening.
SECTION 2.  The Revenue Laws Study Committee may study the taxation and valuation of leasehold interests in exempt real property and report its findings, together with any recommended legislation, to the 2013 Regular Session of the General Assembly upon its convening.
SECTION 3.  This act is effective when it becomes law.
In the General Assembly read three times and ratified this the 28th day of June, 2012.

	s/	 Walter H. Dalton
	 President of the Senate

	s/	 Thom Tillis
	 Speaker of the House of Representatives

	s/	 Beverly E. Perdue
	 Governor

Approved 3:52 p.m. this 16th day of July, 2012