A BILL TO BE ENTITLED AN ACT AUTHORIZING ECONOMIC DEVELOPMENT INCENTIVE PROGRAMS TO UTILIZE FUNDS TO SUPPORT NEW AND EXPANDED NATURAL GAS SERVICE AND TO SUPPORT PROPANE GAS SERVICE FOR AGRICULTURAL PROJECTS.
House committee substitute to the 2nd edition makes the following changes.
Amends proposed GS 143B-437.020 by adding and defining the terms agriculture and economic development incentive programs. Amends the definition of eligible project to mean a discrete and specific economic development project that would expand agricultural production or processing capabilities that requires new or expanded natural gas or propane gas service, deleting the requirement that the project be located in a rural area. Amends the definition of project carrying costs to make clarifying changes.
Provides that economic development incentive programs may use funds for agricultural projects for the specified purposes (was, state, regional, and local economic development funds may, at the fund manager's discretion, be used for the specified purposes).
Adds that economic development incentive programs may use funds for agricultural projects to allow the owner of an eligible project to pay for cost-effective alternatives that would reduce infrastructure costs or increase energy efficiency by adding supplemental uses of propane gas to increase annual volume throughput, reduce energy consumption, reduce energy costs, or enhance the feasibility of the project or the provision of propane gas service.
Clarifies that total incentive funds for all eligible projects must not cumulatively exceed $5 million per biennium. Requires managers of economic development incentive programs to promptly report payments to the Department of Commerce, which must promptly notify economic development incentive program managers when the funding limitation has been reached for the biennium.
Makes conforming changes, including replacing the term "funds" with "incentive funds."
Changes the act's titles.
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