NC H479

Creates a tax credit for small businesses (those employing no more than 50 eligible employees) that create new jobs in North Carolina, with credit amounts based on county development tier designation ($12,500 for Tier One, $5,000 for Tier Two, $750 for Tier Three).

Small businesses qualify for an additional $2,000 per job credit when jobs are located in urban progress zones or agrarian growth zones, without requiring those jobs to be filled by zone residents or long-term unemployed workers.

Modifies existing job creation tax credit provisions to distinguish between small businesses and other taxpayers, allowing small businesses to meet eligibility requirements with exceptions to the standard eligible business requirement.

Defines "small business" as a taxpayer employing no more than 50 eligible employees throughout the taxable year and "new job" as a full-time position representing a net increase in the taxpayer's statewide workforce.

Effective for taxable years beginning on or after January 1, 2011.