GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2011
H 2
HOUSE BILL 1015
Senate Finance Committee Substitute Adopted 6/5/12
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Short Title: Economic Devpt. & Finance Changes. |
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Referred to: |
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May 22, 2012
A BILL TO BE ENTITLED
AN ACT to set the regulatory fees and to enhance economic development.
The General Assembly of North Carolina enacts:
SECTION 1.(a) The percentage rate to be used in calculating the public utility regulatory fee under G.S. 62-302(b)(2) is twelve-hundredths of one percent (0.12%) for each public utility's North Carolina jurisdictional revenues earned during each quarter that begins on or after July 1, 2012.
SECTION 1.(b) The electric membership corporation regulatory fee imposed under G.S. 62-302(b1) for the 2012-2013 fiscal year is two hundred thousand dollars ($200,000).
SECTION 1.(c) The percentage rate to be used in calculating the insurance regulatory charge under G.S. 58-6-25 is six percent (6%) for the 2012 calendar year.
SECTION 1.(d) Subsections (a) and (b) of this section become effective July 1, 2012. The remainder of this section is effective when it becomes law.
SECTION 2.(a) G.S. 143B-437.52 reads as rewritten:
"§ 143B-437.52. Job Development Investment Grant Program.
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(b) Cap and Priority.
- The maximum number of grants the Committee may award in each calendar year
is 25. In selecting between applicants, a project that is located in an
Eco-Industrial Park certified under G.S. 143B-437.08 has priority over a
comparable project that is not located in a certified Eco-Industrial Park.
…."
SECTION 2.(b) This section becomes effective July 1, 2012.
SECTION 3. G.S. 143B-437.01(a) reads as rewritten:
"(a) Creation and Purpose of Fund. - There is created in the Department of Commerce the Industrial Development Fund to provide funds to assist the local government units of the most economically distressed counties in the State in creating and retaining jobs in certain industries. The Department of Commerce shall adopt rules providing for the administration of the program. Those rules shall include the following provisions, which shall apply to each grant from the fund:
(1) The funds shall
be used for (i) installation of or purchases of equipment for eligible
industries, (ii) structural repairs, improvements, or renovations of existing
buildings to be used for expansion of eligible industries, or (iii)
construction of or improvements to new or existing water, sewer, gas,
telecommunications, high-speed broadband, electrical utility distribution lines
or equipment, or transportation infrastructure for existing or new or proposed
industrial buildings to be used for eligible industries. To be eligible for
funding, the water, sewer, gas, telecommunications, high-speed
broadband, electrical utility lines or facilities, or transportation
infrastructure shall be located on the site of the building or, if not located
on the site, shall be directly related to the operation of the specific
eligible industrial activity. To be eligible for funding, the sewer infrastructure
shall be located on the site of the building or, if not located on the site,
shall be directly related to the operation of the specific eligible industrial
activity, even if the sewer infrastructure is located in a county other than
the county in which the building is located.
…."
SECTION 4.(a) G.S. 105-129.84(c) reads as rewritten:
"(c) Carryforward. -
Unless a longer carryforward period applies, any unused portion of a credit
allowed under G.S. 105-129.87 or G.S. 105-129.88 may be carried
forward for the succeeding five years, and any unused portion of a credit
allowed under G.S. 105-129.89 may be carried forward for the succeeding 15
years. If the Secretary of Commerce makes a written determination that the
taxpayer is expected to purchase or lease, and place in service in connection
with an eligible business within a two-year period, at least one hundred
fifty million dollars ($150,000,000) worth of the minimum investment
amount of business and real property, any unused portion of a credit under
this Article with respect to the establishment that satisfies that condition
may be carried forward for the succeeding 20 years. If the taxpayer does not
make the required level of investment, the taxpayer shall apply the five-year
carryforward period rather than the 20-year carryforward period. For
purposes of this subsection, the "minimum investment amount" is the
following amount:
(1) For an eligible business investing the minimum investment amount in an establishment located, at the time the initial investment is made, in a development tier one area, one hundred million dollars ($100,000,000).
(2) For any other eligible business, one hundred fifty million dollars ($150,000,000)."
SECTION 4.(b) This section is effective for taxable years beginning on or after January 1, 2012.
SECTION 5.(a) G.S. 143B-437.013(a) reads as rewritten:
"(a) Port Enhancement Zone Defined. - A port enhancement zone is an area that meets all of the following conditions:
(1) It is comprised of part or all of one or more contiguous census tracts, census block groups, or both, in the most recent federal decennial census.
(2) All of the area is located within 25 miles of a State port and is capable of being used to enhance port operations.
(3) Every census tract and census block group that comprises the area has at least eleven percent (11%) of households with incomes of fifteen thousand dollars ($15,000) or less."
SECTION 5.(b) This section is effective for taxable years beginning on or after January 1, 2013.
SECTION 6. Except as otherwise provided, this act is effective when it becomes law.