Signed by Governor Bev Perdue

Vote Smart's Synopsis:

Vote to adopt a conference report that extends tax credits for growing businesses, production companies, and economic developments for eco-parks.

Highlights:

-Defines an "agrarian growth zone" to include zones adjacent to another census tract or census block group that has more than 20 percent of its population below the poverty level (Sec. 1.2) -Specifies that a taxpayer is eligible for a credit when there has not been a final determination unfavorable to the taxpayer with respect to an environmental disqualifying event, including instances such as a civil penalty being assessed against the taxpayer by the Department of Environment and Natural Resources for failure to comply with an order (Sec. 1.3 & 1.4). -Authorizes businesses to be considered for site development and/or a grant if the business satisfies the environmental impact standard (Sec. 1.5 & 1.6). -Specifies that a production company whose qualifying expenses are at least $250,000 is allowed a tax credit of 25 percent of the qualifying expenses so long as the credit does not exceed $20 million (Sec. 2.1 & 2.2). -Specifies that a taxpayer that develops interactive digital media or a digital platform or engine is allowed a credit equal to a percentage of the taxpayer's expenses that exceed $50,000 and that the amount of credit allowed may not exceed 7.5 million dollars (Sec. 3.6). -Defines an "Eco-Industrial Park" as an industrial park if it has at least 100 developable acres, each building is up to the energy-efficiency and water-use standards, and each business located in the park is in a clean-industry sector according to Toxic Release Inventory by the United States Environmental Protection Agency (Sec. 5.1). -Specifies that the ceiling credit for the installation of renewable energy property placed in service at an Eco-Industrial Park for a business purpose is $5 million (Sec. 5.4). -Establishes a 20 percent credit for research expenses for North Carolina University (Sec. 5.5). -Establishes a 35 percent credit for research expenses in an Eco-Industrial Park (Sec. 5.5).

Full Bill Text

Vote Smart's Synopsis:

Vote to adopt a conference report that extends tax credits for growing businesses, production companies, and economic developments for eco-parks.

Highlights:

-Defines an "agrarian growth zone" to include zones adjacent to another census tract or census block group that has more than 20 percent of its population below the poverty level (Sec. 1.2) -Specifies that a taxpayer is eligible for a credit when there has not been a final determination unfavorable to the taxpayer with respect to an environmental disqualifying event, including instances such as a civil penalty being assessed against the taxpayer by the Department of Environment and Natural Resources for failure to comply with an order (Sec. 1.3 & 1.4). -Authorizes businesses to be considered for site development and/or a grant if the business satisfies the environmental impact standard (Sec. 1.5 & 1.6). -Specifies that a production company whose qualifying expenses are at least $250,000 is allowed a tax credit of 25 percent of the qualifying expenses so long as the credit does not exceed $20 million (Sec. 2.1 & 2.2). -Specifies that a taxpayer that develops interactive digital media or a digital platform or engine is allowed a credit equal to a percentage of the taxpayer's expenses that exceed $50,000 and that the amount of credit allowed may not exceed 7.5 million dollars (Sec. 3.6). -Defines an "Eco-Industrial Park" as an industrial park if it has at least 100 developable acres, each building is up to the energy-efficiency and water-use standards, and each business located in the park is in a clean-industry sector according to Toxic Release Inventory by the United States Environmental Protection Agency (Sec. 5.1). -Specifies that the ceiling credit for the installation of renewable energy property placed in service at an Eco-Industrial Park for a business purpose is $5 million (Sec. 5.4). -Establishes a 20 percent credit for research expenses for North Carolina University (Sec. 5.5). -Establishes a 35 percent credit for research expenses in an Eco-Industrial Park (Sec. 5.5).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that extends tax credits for growing businesses, production companies, and economic developments for eco-parks.

Highlights:

-Defines an agrarian growth zone to include zones with or zones adjacent to another census tract or census block group that has more than 20 percent of its population below the poverty level (Sec. 1.2) -Specifies that a taxpayer is eligible for a credit when there has not been a final determination unfavorable to the taxpayer with respect to an environmental disqualifying event, including things such as when a civil penalty was assessed against the taxpayer by the Department of Environment and Natural Resources for failure to comply with an order (Sec. 1.3 & 1.4). -Authorizes businesses to be considered for site development and/or a grant if the business satisfies the environmental impact standard (Sec. 1.5 & 1.6). -Specifies that a production company whose qualifying expenses are at least $250,000 is allowed a tax credit of 25 percent of the qualifying expenses so long as the credit does not exceed $20,000,000 (Sec. 2.1 & 2.2). -Authorizes a tax credit for producers of interactive digital media, limiting the amount to 50% of the amount of tax against which it is claimed (Sec. 3.1). -Authorizes a taxpayer that has qualifying expenses of at least $50,000 with respect to an interactive digital media production a credit equal to 15% of all qualifying expenses of the taxpayer for which the taxpayer has not already claimed (Sec. 3.1) -Specifies that a taxpayer that is primarily engaged in the production of interactive digital media is eligible for a credit under this section with respect to a company headquarters if the taxpayer creates at least 20 new full-time jobs at the company headquarters within a 24-month period and maintains those jobs for at least three years (Sec. 3.1). -Authorizes an annual refund of sales to owners of eligible facilities including those primarily involved in paper-from-pulp manufacturing and turbine and turbine generator set units manufacturing (Sec. 4.3). -Extends the credit for constructing renewable fuel facilities to January 1, 2014 (Sec. 5.1). -Extends the credit for biodiesel producers to January 1, 2014 (Sec. 5.2). -Defines an Eco-Industrial Park as an industrial park if it has at lease 100 developable acres, each building is up to the energy-efficiency and water-use standards, and each business located in the park is in a clean-industry sector according to Toxic Release Inventory by the United States Environmental Protection Agency (Sec. 6.1). -Specifies that the ceiling credit for renewable energy property outside an Eco-Industrial Park is $2,500,000 and the ceiling credit for renewable energy property inside an Eco-Industrial Park is $5,000,000 and is for any purpose other than residential (Sec. 6.4). -Establishes a 35 percent credit for research expenses in an Eco-Industrial Park (Sec. 6.5). -Requires all contracts for construction or repair work using $30,000 or more of public money made by State agencies, boards, commissions, and institutions to be made after informal bids have been secured (Sec. 8.1).

Full Bill Text