Bill Text: NC H479 | 2011-2012 | Regular Session | Amended
Bill Title: Small Business New Job Creation Incentive
Spectrum: Partisan Bill (Democrat 15-0)
Status: (Introduced - Dead) 2011-03-29 - Ref to the Com on Commerce and Job Development, if favorable, Finance [H479 Detail]
Download: North_Carolina-2011-H479-Amended.html
GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2011
H 1
HOUSE BILL 479
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Short Title: Small Business New Job Creation Incentive. |
(Public) |
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Sponsors: |
Representatives Goodman, Spear, Wray, and McGuirt (Primary Sponsors). For a complete list of Sponsors, see Bill Information on the NCGA Web Site. |
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Referred to: |
Commerce and Job Development, if favorable, Finance. |
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March 29, 2011
A BILL TO BE ENTITLED
AN ACT to create a tax credit for new jobs created by small businesses.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 105‑129.81 is amended by adding a new subdivision to read:
"§ 105‑129.81. Definitions.
The following definitions apply in this Article:
…
(19) New job. – A full‑time job that represents a net increase in the number of the taxpayer's employees statewide. A new employee is an employee who holds a new job. The term does not include a job currently located in this State that is transferred to the business from a related member of the business.
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(23a) Small business. – A taxpayer that employs no more than 50 eligible employees throughout the taxable year.
…."
SECTION 2. G.S. 105‑129.87(a) reads as rewritten:
"§ 105‑129.87. Credit for creating jobs.
(a) Credit. – A taxpayer other than a small
business that meets the eligibility requirements set out in G.S. 105‑129.83
and satisfies the threshold requirement for new job creation in this State
under subsection (b) of this section during the taxable year is allowed a
credit for creating jobs. A taxpayer that is a small business, that meets
the eligibility requirements set out in G.S. 105‑129.83, other than
the eligible business requirement of G.S. 105‑129.83(a), and that
satisfies the threshold requirement for new job creation in this State under
subsection (b) of this section during the taxable year is allowed a credit for
creating jobs. The amount of the credit for each new job created is set out
in the table below and is based on the development tier designation of the
county in which the job is located. If the job is located in an urban progress
zone or an agrarian growth zone,zone and is created by a taxpayer
other than a small business, the amount of the credit is increased by an
additional one thousand dollars ($1,000) per job. In addition, if a the
job is located in an urban progress zone or an agrarian growth zone isand
filled by a resident of that zone or by a long‑term unemployed worker,worker
or is created by a small business, the amount of the credit is increased by
an additional two thousand dollars ($2,000) per job.
Area Development Tier Amount of Credit
Tier One $12,500
Tier Two 5,000
Tier Three 750".
SECTION 3. This act is effective for taxable years beginning on or after January 1, 2011.
