Enacts GS 105-122.2 to establish a tax credit for corporations, effective for taxable years beginning on or after January 1, 2020, and applicable to the calculation of franchise tax reported on 2019 and later corporate income tax returns. Limits credit eligibility to corporations which either (1) increases its total actual investment in tangible personal property in the State from the previous taxable year, or (2) retains employment for the taxable year at a level at least equal to 90% of the number of full-time employees employed on March 31, 2020, and the average wage paid is at least equal to 90% of the average wages paid to full-time employees employed on March 31, 2020, based on the unemployment tax filing for the quarter, excluding employee salaries in excess of $200,000, and wage of part-time employees. Bars holding companies from eligibility based upon investment in the State, but allows for eligibility of a holding company if the only asset is an investment in a wholly owned operating subsidiary in the State, or an investment in a wholly owned holding company in the State whose only asset is an investment in a wholly owned operating subsidiary in the State who meets the employment retention eligibility requirements of the statute. Provides for credit application and requires application by October 15. Caps the credit amount for taxable years 2020 and 2021 at $50 million each. Prohibits the credit amount from exceeding the tax imposed, but allows for proportional allocation of the credit. Bars credit carry forward. Bars adjustments to account for credits. Requires refund of the credit amount by the last day of the calendar year. Repeals the credit for taxable years beginning on or after January 1, 2022.

Directs the State Controller to transfer $100 million from the Coronavirus Relief Reserve to the Coronavirus Relief Fund (both established by SL 2020-4). Appropriates the $50 million of the transferred funds to the General Fund for each of the 2020-21 and 2021-22 fiscal years to provide the tax relief authorized. Requires expenditures to be consistent with the federal CARES Act.

Directs the State Controller to transfer $50 million from the Coronavirus Relief Reserve to the Coronavirus Relief Fund (both established by SL 2020-4). Appropriates the transferred funds to the Department of Commerce for the 2020-21 fiscal year to provide grants to businesses to be used for purposes for authorized for a One North Carolina Fund grant as specified under state law governing that Fund. Restricts grant eligibility to businesses who are current recipients of a Job Development Investment Grant or a Job Maintenance and Capital Development grant. Otherwise, requires businesses to apply to the Secretary of Commerce. Provides for the grant terms to be similar to those under specified state law regarding such grants and community development agreements. Requires expenditures to be consistent with the federal CARES Act.