NC H682

Establishes North Carolina New Markets Jobs Initiative, creating a tax credit against state premium tax liability for qualified equity investments in community development entities.

Tax credits are earned on seven credit allowance dates (initial investment date plus six anniversaries) with applicable percentages of 0% for first two dates, 12% for next three dates, and 11% for final two dates.

Requires qualified community development entities to invest at least 85% of investment proceeds in qualified active low-income community businesses located in North Carolina within 12 months and maintain compliance through the seventh credit allowance date.

Imposes a nonrefundable $5,000 application fee and refundable 0.5% performance fee on entities seeking investment certification, with $500,000,000 total tax credit capacity.

Establishes recapture procedures for noncompliance and allows qualified equity investments to be decertified after seven years if investments exceed 150% of the original investment amount and all requirements are satisfied.