NC H530

Creates Article 3M of Chapter 105 (General Statutes) establishing the "Life Sciences Investments" program to incentivize capital investment in life sciences facilities and equipment in North Carolina.

Allows qualified entities (for-profit LLCs managed by nonprofit 501(c)(3) corporations) to raise funds by issuing equity certificates to designated investors for making loans to life science companies for facilities, equipment, and regulatory costs.

Establishes a tax credit mechanism whereby if a qualified entity cannot make required payments to investors, the Secretary of Revenue issues tax credit certificates equal to 100% of the unpaid amount, usable against franchise, income, or gross premiums taxes and refundable if unused.

Imposes a $100 million cap on total equity certificates outstanding at any time and a $30 million limit on loans to any single life science company; requires annual independent audits and public reporting of entity activities.

Effective for taxable years beginning on or after January 1, 2010.