Qualifying Recyclers Taxed at a Reduced Rate in North Carolina

Monday, August 15th, 2016

 
 
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North Carolina
General

Effective July 1, 2016, North Carolina taxes a recycler's purchases of qualifying items at a reduced rate of 1% with a maximum tax of $80 per article.

The reduced rate applies to purchases of equipment, attachments, and repair parts that are (1) capitalized for tax purposes and (2) used in the conversion process. To qualify for the reduced rate, the recycler must gather, obtain, and convert materials into a prepared grade for sale.

This reduced rate does not apply to motor vehicle attachments or repair parts.

http://www.dornc.com/taxes/sales/impnotice081116_recyclers.pdf


About TTR

Transaction (buying or selling things), Tax (the tax on this activity), Resources (our people, our website, our support services) - TTR, Inc.

TTR has a website that companies subscribe to and use daily. This website provides a list of everything that can be bought or sold in the U.S. It provides simple answers to whether buying or selling these items is taxable (subject to a sales tax or other tax), and it provides all the legal authority to support these tax answers.

TTR likes to keep things simple and fun, which is why it has great people who provide help to clients on any support questions they have about transaction tax issues.

Please visit TTR on the web at www.ttrus.com or call 866.578.8193.

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