H680 Summary

• Establishes the "Jump-Start Our Business Start-Ups Act" (Invest NC exemption) allowing North Carolina businesses to raise up to $1-2 million through intrastate crowdfunding from residents without federal securities registration, subject to per-investor limits of $2,000 for non-accredited investors.

• Requires crowdfunding issuers to file notices with the Secretary of State, provide detailed disclosure documents to investors, use escrow accounts, and obtain investor certifications acknowledging the high-risk and illiquid nature of the securities.

• Enacts the "New Markets Jobs Act of 2014" creating a state tax credit program allowing insurance companies to claim premium tax reductions for investments in qualified community development entities that invest in low-income businesses, with $208.3 million total in qualified equity investment authority.

• Establishes separate Rural Reserve ($156.25 million) and Statewide Reserve ($52.08 million) allocations, with Rural Reserve investments restricted to qualified businesses in economically disadvantaged counties (Tier 1 and Tier 2).

• Implements oversight through Department of Commerce certification, performance deposits, annual reporting requirements on job creation and compliance, and disallowance provisions for investments that fail to meet 85% deployment requirements or violate distribution restrictions.