H1017 Summary

• Modernizes the Comprehensive Strategic Economic Development Plan by allowing information to be updated periodically in whatever format and means is most efficient, rather than requiring specific detailed breakdowns.

• Repeals the requirement for a detailed "Needs Assessment" section in the economic development plan and replaces the "Annual Report" with an annual "Evaluation" of the State's economic performance against stated goals.

• Changes the economic development grant reporting deadline from March 1 to October 1 each year and reduces the reporting period from five calendar years to one fiscal year.

• Requires the Department of Commerce to submit written reports on economic development grants, clawbacks, and development tier designations to specified legislative committees including the Joint Legislative Economic Development and Global Engagement Oversight Committee.

• Repeals two unspecified reporting requirements in G.S. 143B-437.01(c) and G.S. 143B-437.55(d).