Part I.

Amends GS 105-130.4(i) to require that all apportionable income of corporations (was, excluded the apportionable income of public utilities, excluded corporations, and qualified capital intensive corporations) must be apportioned to this state by multiplying the income by the sales factor as determined under subsection (l) of GS 105-130.4 (was, required multiplying the income by a fraction with the property factor as the numerator, plus the payroll factor, plus twice the sales factor, and a denominator of four). Subsection (l) provides that the sales factor is a fraction, the numerator of which is the total sales of the corporation in this state during the income year, and the denominator of which is the total sales of the corporation everywhere during the income year.

Makes conforming changes, repealing GS 104-130.4(a)(4), (r), and (s1).

Effective for taxable years beginning on or after January 1, 2016.

Part II.

Amends GS 105-130.3 to make the tax rate imposed on the state net income of every C Corporation doing business in this state 4% (was, 5%). Effective for taxable years beginning on or after January 1, 2016.

Effective for taxable years beginning on or after January 1, 2017, additionally amends GS 105-130.3 to make the tax rate imposed on the state net income of every C Corporation doing business in this state 3%.

Repeals GS 105-130.3C, which triggered a tax rate reduction under GS 105-130.2 when certain, specified conditions were met.

Except as otherwise indicated, Part II is effective for taxable years beginning on or after January 1, 2015.

Part III.

Amends GS 143B-437.51, adding definitions for (1) high-yield project and (2) major market community to those that apply to the Job Development Investment Grant Program (JDIG).

Amends GS 143B-437.52, which established the JDIG Program, to specify limitations that apply to grant amounts awarded via the JDIG Program. Sets out factors determining the maximum amount for total annual liability for grants awarded in a single calendar year, the quarterly commitment limitations, and the maximum percentage of the amount authorized for grants awarded in a major market community.

Amends GS 143B-437.53 regarding determining the eligibility of grant applicants. Adds the requirement that wage standards be met and increases the minimum number of eligible positions. Also amends GS 143B-437.56, providing that the grant amount awarded will be a percentage of the withholding of eligible positions for a period of years and sets out further guidelines for determining the maximum percentage. Amends the criteria for determining the duration of the grant.

Provides that the authority of the Economic Investment Committee to award new grants expires January 1, 2018 (was, January 1, 2016).

Part III is effective when it becomes law and applies to awards made under Part 2G of Article 10 of GS Chapter 143B on or after that date.