AN ACT TO ENACT THE NORTH CAROLINA COMPETES ACT.
House amendment #2 makes the following changes to the 3rd edition:
Adds new Part III-A to the act, titled "Industrial Development Fund Utility Account."
Amends GS 143B-437.01(a) to require that funds from the Industrial Development Fund Utility Account (Account) be used in the most economically distressed counties of North Carolina to retain as well as expand the existing job base (previously, only required the funds to be provided to create jobs in the distressed counties). Makes conforming changes to the rules for the program funds reflecting the need to use funds to expand the job base and the retention of existing jobs. Effective when the act becomes law, applying to grants awarded on or after that date.
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