H1224 Summary

• Caps total local government sales and use tax rate at 2.5% statewide, with a narrow exception for counties that approved 2.75% before December 31, 2012

• Allows counties to levy up to 0.5% additional sales tax for public education, public transportation, or general purposes (instead of fixed 0.25%), subject to voter referendum approval

• Modifies Job Maintenance and Capital Development Fund (JMAC) to allow manufacturing companies converting processes or improving pollution controls with $50 million investment over five years (reduced from $65 million over three years) to qualify with lower employment thresholds in specific development tiers

• Creates new Job Catalyst Fund administered by the Department of Commerce to provide grants to local governments for manufacturing projects meeting job creation, investment, wage, and health insurance requirements, with different thresholds based on development tier

• Establishes "Invest NC" intrastate crowdfunding exemption allowing North Carolina businesses to raise up to $1-2 million from state residents through regulated online platforms with investor protections and quarterly reporting requirements