Senate amendments, adopted 6/16/11, make the following changes to 3rd edition. Amendment #1 rewrites the definition of large manufacturing and distribution facility in proposed GS 105-187.51D as facilities, as further defined, which have an investment of at least $80 million (previously $100 million), and which will achieve an employment level of at least 550 within five years (previously 1,000). Amends the expiration provision of GS 105-129.12A (credit for substantial investment in other property) to clarify that the credit expires and the taxpayer may not take any remaining installments of the credit in one of the years in which the installment of a credit accrues and by which the taxpayer is required to have created 200 new jobs at the property if (1) the total number of employees employed at the property with respect to which the credit is claimed is less than 200 and (2) the taxpayer has failed to maintain at least 125 employees at the property and, within two years of the date the employment fell below 200, to invest at the property the greater of $5 million or at least twice the value of the remaining credit installments. Makes other conforming changes.
Amendment #2 changes the effective date of those provisions concerning Port Enhancement Zones to taxable years beginning on or after January 1, 2013 (previously July 1, 2013).