NC H1149

Establishes the North Carolina New Markets Job Growth Investment Initiative, allowing taxpayers to earn vested tax credits for making qualified equity investments in community development entities.

Tax credit amounts equal applicable percentages (0% for first two credit allowance dates, 7% for third date, 8% for next four dates) multiplied by the investment purchase price, with credits claimable over seven years on annual credit allowance dates.

Requires at least 85% of investment proceeds be used for qualified low-income community investments in qualified businesses within North Carolina by the first anniversary of investment, with maximum $10 million in investments per business.

Limits annual tax credit utilization to $40 million per fiscal year through Department of Commerce certification of qualified equity investments; applications accepted through December 31, 2014.

Imposes recapture provisions requiring taxpayers to return credits if the issuer redeems investments early, fails to maintain required investment levels, or has federal credits recaptured under Internal Revenue Code section 45D.