Amends the definition for small business in GS 105-129.50(10) to include businesses with annual receipts up to $2.5 million (was, up to $1 million). Amends GS 105-129.55(a) to increase the tax credit allowed to small businesses to 5% (was, 3.25%) and the tax credit allowed for university research to 25% (was, 20%). Effective for tax years beginning on or after January 1, 2013.