NC H1574

Creates the North Carolina Life Science Development Corporation and North Carolina Life Science Loan Fund, LLC to provide financing to life science companies and high-technology businesses for facility construction, expansion, and equipment acquisition in North Carolina.

Authorizes the Fund to make loans up to $30 million per borrower with total outstanding obligations not exceeding $100 million, backed by contingent tax credits issued by the Secretary of Revenue.

Establishes a board of directors chaired by the president of the North Carolina Biotechnology Center and vice-chaired by the Secretary of Commerce, with nine total members including two permanent ex officio voting members.

Allows designated investors to purchase equity certificates in the Fund with guaranteed returns and scheduled redemptions; if the Fund cannot make scheduled payments, the Secretary of Revenue issues tax credit certificates redeemable against franchise tax, income tax, or premium tax.

Permits tax credit certificates to be transferred and carried forward for up to seven years, with the Department of Revenue required to publish annual reports on credits claimed and cost to the General Fund.