Friday, March 30, 2007


The House Finance Committee has passed House Bill 291 which Rep. Paul Luebke, Rep. Earl Jones, Rep. Lorene Coates, and I sponsored, that would require the state treasure to sell off investments in companies linked to genocide in war-torn Sudan. On his own initiative, State Treasurer Richard Moore has sold holdings in nine companies said to have provided money or military support to the Sudanese government, but we think the state's $70 billion pension fund may still have investments in other companies that benefit from the conflict, and the policy will bind future treasurers. If the bill becomes law, North Carolina would become the first state in the Southeast to require divestiture of companies doing business in Sudan.

The North Carolina Association of Realtors has started a statewide campaign to fight any legislation that would impose a real estate transfer taxes or impact fee. The group has indicated that it will use direct mail, radio, and television ads in the campaign and that it has also established a Web site. Local bills allowing transfer taxes in five counties have already been filed in the General Assembly this year and I have sponsored most of them. Four of the bills would require advisory referendums before they would go into place. No such referendum would be required in Hoke County. House and Senate bills that would tax mortgages have also been filed.

No comments: