Bill Summary for H 263 (2013-2014)

Summary date: 

Mar 7 2013

Bill Information:

View NCGA Bill Details2013-2014 Session
House Bill 263 (Public) Filed Thursday, March 7, 2013
A BILL TO BE ENTITLED AN ACT TO CREATE A TAX CREDIT FOR NEW JOBS CREATED BY SMALL BUSINESSES.
Intro. by Goodman, Wray, Waddell, C. Graham.

View: All Summaries for BillTracking:

Bill summary

Amends GS 105-129.87, which lists credits allowed to qualifying businesses, to add that a taxpayer that is a small business; meets the eligibility requirements in GS 105-129.83, excluding GS 105-129.83(a); and satisfies the threshold requirement for new job creation in GS 105-129.87(b) is allowed a credit for creating jobs. Clarifies that jobs located in an urban progress zone or agrarian growth zone, created by a taxpayer other than a small business, are allowed a credit increased by an additional $1,000 per job. Specifies that if the job is located in an urban progress zone or agrarian growth zone and filled by a resident of that zone or by a long-term unemployed worker or is created by a small business, then the credit is increased by an additional $2,000 per job. Amends GS 105-129.81 to define small business as a taxpayer that employs no more than 50 eligible employees during the taxable year and that is engaged in a business other than retail trade, as specified, or food services and drinking places, as specified. Effective for taxable years beginning on or after January 1, 2013.

© 2021 School of Government The University of North Carolina at Chapel Hill

This work is copyrighted and subject to "fair use" as permitted by federal copyright law. No portion of this publication may be reproduced or transmitted in any form or by any means without the express written permission of the publisher. Distribution by third parties is prohibited. Prohibited distribution includes, but is not limited to, posting, e-mailing, faxing, archiving in a public database, installing on intranets or servers, and redistributing via a computer network or in printed form. Unauthorized use or reproduction may result in legal action against the unauthorized user.

Printer-friendly: Click to view