Senate committee substitute makes the following changes to 1st edition. Amends GS 143B-437.52 to remove the cap on the number of grants awarded under the Job Development Investment Grant Program in each calendar year (was, set the cap at a maximum of 25 grants annually). Effective July 1, 2012.
Under current law, the Industrial Development Fund provides funds to assist local governments in the most economically distressed counties in creating and maintaining jobs in certain industries, including sewer infrastructure. Amends GS 143B-437.01(a) to modify the eligibility requirements for funding for the sewer infrastructure, requiring that it be located on the building site, or be directly related to the operation of the specific eligible industrial activity, even if the sewer infrastructure is located in a different county than the county in which the building is located.
Amends GS 105-129.84(c) to permit carryforwards by a taxpayer of any unused portion of a credit for a period of 20 years providing the Secretary of Commerce makes a written determination that the taxpayer is expected to purchase or lease, and place in service in connection with an eligible business within a two-year period, at least the minimum investment amount of business and real property (was, at least $150,000). Defines a minimum investment amount to be $100 million for an eligible business in a development tier one area, and $150 million for any other eligible business. Effective for taxable years beginning on or after January 1, 2012.
Amends GS 143B-437.013(a) to modify one of the required conditions for definition as a Port Enhancement Zone to mean an area that is comprised of part or all of one or more contiguous census tracts, census block groups, or both. Effective for taxable years beginning on or after January 1, 2013.
Makes conforming changes to the title.