Bill Summary for S 505 (2019-2020)

Printer-friendly: Click to view

Summary date: 

Apr 2 2019

Bill Information:

View NCGA Bill Details2019-2020 Session
Senate Bill 505 (Public) Filed Tuesday, April 2, 2019
Intro. by McInnis, Rabon, Brown.

View: All Summaries for BillTracking:

Bill summary

Amends GS 143B-437.012 regarding the Job Maintenance and Capital Development Fund (Fund). Expands the eligibility qualifications for a business to be considered for a grant under the statute to include a heritage manufacturing employer. Describes the requirements to be a heritage manufacturing employer, including: (1) the business is in manufacturing and has been operating in the State for over 100 years; (2) the Department of Commerce (Department) certifies that the business has invested or intends to invest at least $325 million of private funds in improvements to real property and additions to tangible personal property in the project within a four-year period as specified; (3) the business employees at least 1,050 full-time employees or equivalent full-time contract employees in the State and agrees to maintain that amount for the term of the grant, and retrain and relocate to a development tier two area at least 400 of those employees or contract employees upon commencement of commercial production of its tier two area facility; and (4) the business is operating in a development tier three area at the time of application and is relocating to a development tier two area with an estimated population of less than 63,000, as specified. Maintains the requirement for qualifying businesses to have all newly hired employees be US citizens or have proper identification and documentation of their authorization to reside and work in the United States. Requires each grant agreement for a major employer as specified to contain a provision requiring the business to maintain the employment level required under that subdivision at the project that is the subject of the grant. Now authorizes the Department to enter into seven rather than six agreements under the statute, with the total aggregate cost of all agreements not to exceed $154 million, rather than $139 million. Makes conforming changes.

Effective July 1, 2019.