Bill Summary for H 974 (2023-2024)

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Summary date: 

May 2 2024

Bill Information:

View NCGA Bill Details2023-2024 Session
House Bill 974 (Public) Filed Wednesday, May 1, 2024
Intro. by Reives, Carney, Belk, Ball.

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Bill summary

Enacts GS 63-76, creating the Special Economic Development Fund for Airports (Fund) within the Department of Transportation (DOT) to be administered by the Division of Aviation. States that the Fund is to be used for airport capital improvements and to incentivize and retain economically strategic flights. Provides for Fund sources, uses, and limitations, capping capital improvement uses at 80% of the Fund's annual allocations; uses for incentivizing and retaining economically strategic flights at 17% of the Fund's annual allocations; and airport safety improvement uses, subject to DOT's determination that the lack thereof is inhibiting economic growth, at up to 20% of the Fund's annual allocations. Requires allocations from the Fund to not exceed 50% of the cost for airport improvements. Directs the Division to establish procedures and criteria and adopt rules for allocating funds. Requires the Division's procedures to include specified economic projections for projects determined by DOT and award Fund allocations to proposals with the greatest economic impact to the State, as determined in consultation with the Department of Commerce. Authorizes up to 3% of the Fund to be used for DOT's administration of the Fund. Requires the Division to submit an initial report to the specified NCGA committees and division by March 1, 2025, and annually thereafter by December 1, as specified.

Appropriates $200 million in nonrecurring funds from the General Fund to the Special Economic Development Fund for Airports.