Bill Summaries: H781 (2017-2018 Session)

Tracking:
  • Summary date: Apr 12 2017 - View summary

    Amends GS 143B-437.012 (Job Maintenance and Capital Development Fund). 

    Adds new subdivision (1a) to subsection (d), providing that a business that is a major employer is additionally eligible for consideration for a grant under the statute if (1) it satisfies the provisions of existing subdivision (4) (requires all newly hired employees of the business to be US citizens or have proper identification and documentation of their authorization to reside and work in the United States) and (2) the business previously received a grant as a major employer under subdivision (1) and meets three requirements. Sets out the three requirements as being: (1) the Department of Commerce certifies that the business has invested or intends to invest at least $200 million of private funds in improvements to real property and additions to tangible personal property in the project within a six-year period beginning with the time the investment commences (clarifies that amounts certified as invested under subdivision (1) are not included in the amount requirement of new subdivision (1a)); (2) the business employs at least 2,000 full-time employees or equivalent full-time contract employees at the project that is the subject of the grant at the time the application is made, and the business agrees to maintain at least 2,000 full-time employees or equivalent full-time contract employees at the project for the fill term of the grant agreement; and (3) the project is at the same location as that for which a grant was previously awarded under subdivision (1) of subsection (d).

    Additionally, modifies subsection (n) to authorize the Department of Commerce to enter into no more than six agreements (currently, five) under the statute. Caps the total aggregate cost of all agreements entered into under the statute at $139 million (currently, $79 million).