NC S112

Establishes periodic review process requiring all state agency rules to be reviewed at least once every 10 years, with rules expiring if not reviewed by deadline set by Rules Review Commission, unless rules conform to federal law.

Raises threshold for "substantial economic impact" requiring fiscal notes from $500,000 to $1,000,000 in a 12-month period and streamlines fiscal note approval process.

Prohibits cities and counties from enforcing transportation impact mitigation ordinances requiring employers to assume costs for employee commute impacts and limits local environmental ordinances to be more stringent than state/federal standards only with three-fourths vote and state agency approval.

Amends bed and breakfast regulations to allow serving breakfast, lunch, and dinner meals to overnight guests; exempts taxicab operators with vehicle ownership or leasehold interests from workers' compensation requirements as presumed independent contractors.

Modifies Professional Employer Organization (PEO) licensing requirements by simplifying surety bond amounts to $100,000 and reducing regulatory burdens on PEO financial reporting and employee notification requirements.