NC H1721

Updates the Internal Revenue Code reference date from May 1, 2009 to May 1, 2010 to allow small businesses to access current federal tax benefits related to equipment purchases.

Increases the annual tax credit cap for small business investments from $7,500,000 to $8,000,000 and extends the program's sunset date from January 1, 2011 to January 1, 2013.

Extends the tax credit for small businesses providing employee health insurance from expiring January 1, 2010 to January 1, 2014.

Creates a new $1,000 per job tax credit for small businesses (25 or fewer employees) that create new full-time jobs, with a $25,000 maximum credit per taxpayer and a sunset date of January 1, 2013.

Appropriates $2.9 million total in fiscal year 2010-2011 to support small businesses: $1.5 million to the One North Carolina Small Business Account, $402,861 to the Community College System's Small Business Centers, and $1 million to the Rural Economic Development Center for expanding capital access.