Bill Summary for H 1224 (2013-2014)
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A BILL TO BE ENTITLED AN ACT TO LIMIT THE TOTAL LOCAL GOVERNMENT SALES AND USE TAX RATE TO TWO AND ONE‑HALF PERCENT; TO GIVE COUNTIES THE FLEXIBILITY TO USE UP TO ONE‑HALF PERCENT OF THE LOCAL SALES AND USE TAX FOR PUBLIC TRANSPORTATION, FOR PUBLIC EDUCATION, FOR GENERAL PURPOSES, OR FOR A COMBINATION THEREOF; AND TO MAKE VARIOUS CHANGES TO TAX AND ECONOMIC DEVELOPMENT LAWS.Intro. by Presnell.
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Amends GS 143B-437.012, concerning eligibility for a grant from The Job Maintenance and Capital Development Fund, adding new conditions for eligibility. New conditions includ, that the business be a major employer, with the project for which funds are requested having to be located in a development tier one area at the time the business applies for the grant. Also new, a business can be eligible for a grant if it is a large manufacturing employer that is converting its manufacturing process to become more energy efficient and reduce emissions as well as being certified by the Department of Commerce that the business has invested or plans to invest at least $50 million of private funds (was, $65 million) in improvements to real property and additions to tangible personal property within a five-year period (was, three-year). Deletes a requirement that the large manufacturing business must be located in a tier one development area in order to be eligible for a grant. However, sets out that to be eligible certain employment levels must be met and maintained depending on the category of the development area the business is located in. The business can be located in either a tier one or tier two development area, with different employment requirements depending on the tier. Tier one location would roughly require that 320 full-time employees be employed by the project that is subject to the grant with tier two location requiring 800 full-time employees if the tier two area has a population of less than 60,000 as of July 1, 2013.
Establishes that the Department of Commerce cannot enter into more than five agreements/grants, with total aggregate cost not to exceed $79 million (was, $69 million).
Effective July 1, 2014.