Senate committee substitute, reported in on 6/15/11, makes the following changes to the 2nd edition. Part I of the act is substantially similar to the previous edition, concerning expanding the excise tax on mill machinery, except changes the definition of large manufacturing and distribution facility in proposed GS 105-187.51D to include facilities, as further defined, which have an investment of at least $100 million (previously $125 million), and which will achieve an employment level of at least 1,000 within five years (previously 1,130 within two years). Makes clarifying changes to the subsection concerning forfeiture. Adds provisions concerning definitions, refund, and forfeiture under the statute. This part of the act is effective July 1, 2013, and applies to purchases made on or after that date.
Part 2 of the act concerns Port Enhancement Zones. Creates new GS 143B-437.012, which defines Port Enhancement Zone as an area that meets the following: (1) is comprised of one or more contiguous census tracts, census block groups, or both, in the most recent federal decennial census; (2) all of the area is located within 25 miles of a state port and is capable of being used to enhance port operations; (3) every census tract and census block group that comprises the area has at least 11% of households with incomes of $15,000 or less. Provides that the area of a county that is included in one or more port enhancement zones must not exceed 5% of the total area of the county. Provides the method and information required for the Secretary of Commerce to make a designation of whether or not an area is a port enhancement zone, as defined. Directs the Secretary to annually publish a list of all port enhancement zones. Makes conforming changes to various statutes to provide tier one treatment for port enhancement zones. Effective for taxes imposed for taxable years beginning on or after July 1, 2013.
Part 3 of the act concerns encouraging investment to retain Article 3A installments. Amends the expiration provision of GS 105-129.12A (credit for substantial investment in other property) to provide that the credit expires and the taxpayer may not take any remaining installments of the credit in one of the years in which the installment of a credit accrues and by which the taxpayer is required to have created 200 new jobs at the property if (1) the total number of employees employed at the property with respect to which the credit is claimed is less than 200 and (current law only includes requirement #1) (2) the taxpayer has failed, within two years of the date that the employment fell below 200, to invest at the property at least twice the value of the remaining credit installments. Effective for taxable years beginning on or after January 1, 2009.
Part 4 of the act concerns educational building at Appalachian State University. Amends subdivision (a1) of Section 29.13 of SL 2007-323, as amended, to allow for the acquiring and improving (previously limited to only acquiring) adjacent real property related to the completion of a new educational building at Appalachian State University.
Makes conforming change to the bill title. Unless otherwise noted, effective when the act becomes law.