NC S1414

Extends the expiration date of the small business employee health benefits tax credit from January 1, 2010 to January 1, 2014, allowing eligible small businesses (25 or fewer employees) to claim up to $250 per employee earning less than $40,000 annually who receives health coverage.

Appropriates $1,000,000 from the General Fund to the North Carolina Rural Economic Development Center, Inc. for the 2010-2011 fiscal year to expand the Small Business Assistance Fund, which provides loan loss reserves for SBA-backed loans to small businesses with 100 or fewer employees and less than $1,000,000 in annual receipts.

Appropriates $402,861 from the General Fund to the Community Colleges System Office for the 2010-2011 fiscal year to restore funding to Small Business Centers that was previously cut.

Provisions for the tax credit are effective for taxable years beginning January 1, 2010, while funding appropriations become effective July 1, 2010.