Bill Summary for H 1128 (2011-2012)

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Summary date: 

May 24 2012

Bill Information:

View NCGA Bill Details2011-2012 Session
House Bill 1128 (Public) Filed Thursday, May 24, 2012
Intro. by Torbett.

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Bill summary

Enacts new GS 143B-437.014 to define an opportunity advancement zone as an area (1) that contains one or more contiguous census tracts, block groups, or both and (2) where each tract or block group meets one of the specified household income and unemployment rate measures. Sets a limit of 5% of the total area of the county on the portion of a county included in one or more opportunity advancement zones. Directs the Department of Commerce to annually publish a list of all opportunity advancement zones. Enacts new subsection (k) to GS 143B-437.08 to designate an opportunity advancement zone in a development tier one county as development tier one. Designates a zone located in a county without development tier one designation as the next lower development tier. Amends several provisions in Article 3J (tax credits for growing businesses) of GS Chapter 105 to add opportunity advancement zones, and treats the zones as development tier one areas. Effective for tax years beginning on or after January 1, 2013.