H1880 Summary: Economic Incentives Alignment & Changes

• Consolidates separate economic incentive reporting requirements into a single annual "economic incentives report" due May 1 each year, with information itemized by credit/refund and taxpayer.

• Establishes sunset dates for specific tax credit programs: Article 3C (recycling facilities) repealed for taxable years beginning January 1, 2018; Article 3D (rehabilitation) expires for expenditures incurred on or after January 1, 2014; Article 3G and industrial facilities refunds (G.S. 105-164.14B) repealed for sales on or after January 1, 2013.

• Creates new centralized sales and use tax refund provisions (G.S. 105-164.14A and 105-164.14B) for eligible entities including passenger air carriers, recycling facilities, motorsports teams, analytical services businesses, railroad intermodal facilities, and major industrial facilities in specified industries.

• Eliminates the "large recycling facility" classification under Article 3C, retaining only the "major recycling facility" category with enhanced investment and job creation requirements.

• Requires the Department of Revenue to provide county and city officials with information on tax refund claimants upon written request and allows designated officials to verify refund claims (G.S. 105-164.29B).