Sales tax increase = $5 on power bills
Last July North Carolina state legislators approved sweeping changes in the state tax code. One of those changes will increase the average monthly power bill for Wake Forest Power customers by about $5 because the sales tax on retail sales of electricity will go from 3 percent to 7 percent. The Town of Wake Forest is required to collect the sales tax and send the money to the state Department of Revenue. The increase will be effective July 1 of this year. There will also be a new sales tax on retail sales of natural gas of 7 percent that will take effect at the same time. Also on July 1 the special rate of sales tax on power for laundries will go from the present 2.83 percent to 7 percent. The state law allows qualifying industrial customers and farmers to be exempt from paying tax on electricity. If you