Deal allows schools to save on sales tax
Published: Wed, Mar. 21, 2007 12:00AM
Modified Wed, Mar. 21, 2007 03:02AM
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closeRALEIGH -- The Wake County school board approved an agreement Tuesday that could save it millions of dollars in sales tax from construction projects.
Under the deal, the school district will transfer the title to property it is building or renovating to the county. This will allow the school system to take advantage of the sales tax rebate enjoyed by county governments.
The school district has estimated that the deal could save it $11 million to $13 million in sales tax from its current $1.056 billion construction program.
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The county would return the title to the school system within 60 days of closing out projects.
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