Bill Summary for S 808 (2011-2012)

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Summary date: 

Jun 4 2012

Bill Information:

View NCGA Bill Details2011-2012 Session
Senate Bill 808 (Public) Filed Thursday, May 17, 2012
TO MODERNIZE THE REQUIREMENTS OF THE COMPREHENSIVE STRATEGIC ECONOMIC DEVELOPMENT PLAN AND TO SIMPLIFY AND STREAMLINE OTHER REPORTING REQUIREMENTS FOR THE DEPARTMENT OF COMMERCE.
Intro. by Brown.

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Bill summary

Senate amendment makes the following changes to 2nd edition. Amends GS 143B-435.1 to require the Department of Commerce (Department) to report to the specified entities on clawbacks triggered under the One North Carolina Fund, the Job Development Investment Grant Program, the Job Maintenance and Capital Development Fund, the Industrial Development Fund and Utility Account, and the Site Infrastructure Fund (was, clawbacks triggered under programs the Department administers).
Adds a repeal of GS 143B-437.01(c1), which required the Department to report to specified legislative entities on payments made from the Utility Account, the impact of the payments on job creation, and the use of Account funds.
Amends GS 143B-437.07 to require the Department’s report on businesses that receive economic development incentives to include the date of the award, as well as the date of the award agreement.