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SMALL BUSINESS NEWS

7 Mar 2016

 

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NC Taxes Services

Effective 1 March 2016 a new sales tax law impacting businesses goes into effect in North Carolina.

New taxes will be imposed on certain repair services and service contracts.  This is a departure from taxing only personal property.

The sales tax will apply to repair, maintenance, and installation (RMI).  RMI Services are those made to troubleshoot or keep personal property in working order, to caligrarte or restoer personal property, ore to install personal property.

There are two exemptions to the new law.  This tax does not apply to RMI Services performed by:

 

1. A person whose only business activity is to provide RMI services.

 

2. A person whose business activity is primarily performing real property contracts.

Beginning 1 March 2016 any sale or renewal of service contracts sold at retail will be subject to the new sales tax.

The sales tax on RMI services will be 4.75%. 

This will impact many businessses including shoe repair, watch repair, clock repair, jewelry repair, airconditioner repair, motor vehicle repair, etc.

Sources:
NC RMI Services Sales Tax Law


By Bill Williams

 

 

 

 

 

 

 

 

 

 
 

 

  
 

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