NC S345

Modifies the expiration provisions of business tax credits under the Bill Lee Act (G.S. 105-129.12A(c)) to allow taxpayers to retain remaining credit installments when employment falls below 200 employees if they reinvest at the property within two years.

Requires reinvestment of at least twice the value of remaining credit installments within two years of employment falling below 200 to maintain eligibility for the credit.

Maintains the original rule that credits expire entirely if the property is no longer used in an eligible business or if the taxpayer fails to meet the reinvestment requirement.

Allows taxpayers to claim portions of installments that accrued and were carried forward in previous years under G.S. 105-129.5 in all cases.

Effective for taxable years beginning on or after January 1, 2009.