AN ACT TO ENACT THE NORTH CAROLINA COMPETES ACT.
Senate amendments make the following changes to the 5th edition.
Amendment #1 makes the following changes.
Amends new GS 150-164.44M to require that the net proceeds of the aviation gas and jet fuel taxes be transferred to the Highway Fund within 75 days after the end of each fiscal year (was, transferred at the end of each fiscal year).
Provides that Section 6 of the act, concerning the distribution of sales tax revenue to local governments, becomes effective July 1, 2016, and applies to sales made on or after that date (was, and applies to sales tax revenues collected on or after that date and distributed to counties and cities on or after September 1, 2016).
Amendment #2 makes the following changes.
Amends the definition of high-yield project in GS 143B-437.51 to define it as a project for which the agreement requires that a business invest at least $500 million (was, at least $750 million) in private funds and creates at least 1,750 (was, 2,000) eligible positions.
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