Senate committee substitute makes the following changes to 1st edition. Deletes the 1st edition and replaces it with AN ACT TO BETTER ENABLE LEGISLATIVE EVALUATION AND ONGOING ASSESSMENT OF THE STATE’S ECONOMIC DEVELOPMENT PROGRAMS AND THEIR IMPACT ON JOB CREATION.
Amends the economic development grant reporting requirements in GS 143B-437.07 to require the Department of Commerce (Department) to publish on or before March 1 annually the required information as specified in newly organized subsection (a), itemized by business entity for each business or joint private venture granted, in whole or part, one or more economic development incentives from the state during the previous five calendar years. Also requires the Department to provide updated supplemental information, consistent with new subsection (a), on a quarterly basis to the General Assembly in a form and manner as requested by the General Assembly. Specifies the information that the report must include.
Adds new subsection (b) to require the Department to post a summary of the report on its Internet website. Directs that the summary report must contain the following specifics from the designated information required to be contained in the report: (1) the date of the award agreement; (2) the amount of incentive monies disbursed taken during the period; (3) the number, type, and wage level of jobs required to be created or retained to receive a disbursement of incentive monies; and (4) the actual full-time equivalent jobs employed by the recipient during the period.
Provides in new subsection (c) that an economic development incentive includes any grant program administered by the Department that disburses or awards monies to businesses; provides examples of these grant programs.
Provides that regardless of the provisions of GS 143B-437.07, as amended by this act, the Department is not required to include information in its annual report regarding economic development incentives provided by local governments before July 1, 2011.
Rewrites the title of Article 12L of GS Chapter 120 as Finance and Economic Development Study Committee (was, Revenue Laws Study Committee). Amends GS 120-70.105 to (1) make a conforming change to the catch line by renaming the Revenue Laws Study Committee as the Finance and Economic Development Study Committee (Committee) and (2) increase the membership of the Committee to 20 members (was, 16) with new members appointed as specified. Makes conforming changes regarding the name of the Committee to GS 120-70.106 and GS 120-70.107.
Adds to the purpose and powers of the Committee to provide that it may (1) analyze the effectiveness of the economic development programs supported by the state, (2) assess the performance of economic development programs, and (3) include economic development programs in its report to the General Assembly at the start of each regular session.
Deletes from the responsibilities of the Committee the requirement to review the effect of Article 42 of GS Chapter 66 on certain prescribed issues and report on its findings to the General Assembly.
Bill Summaries: S489 EFFECTIVENESS OF JOB CREATION PROGRAMS (NEW).
Bill S 489 (2011-2012)Summary date: May 12 2011 - View Summary
Bill S 489 (2011-2012)Summary date: Mar 31 2011 - View Summary
Enacts new GS 143B-433.1 to 143B-433.3, to (1) require the Department of Commerce to create and maintain a publicly accessible online database containing data on each business or joint private venture the state has granted any discretionary economic development incentive (including incentives provided through the Job Development Investment Grant or the One North Carolina Fund) since January 1, 2005, but not including any project while under development or during competition with another state or nation; (2) require that the database be updated quarterly, and that it allow users to prepare custom reports through an interactive menu and full text search engine; (3) specify 17 types of data the database must contain at a minimum; (4) require the department, in addition to the database, to post on its Website a summary of all discretionary incentive grants depicted in graphical dashboard format, as specified in the act, and (5) specify reporting requirements relating to implementation of the act; any trends in the achievement of job creation, retention, and wage goals; and any action taken on grantees where clawbacks are in force and actions planned.