NC S522

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

Provides tax credits equal to applicable percentages (0% for first two years, 12% for next three years, 11% for following two years) of the purchase price of qualified equity investments on each anniversary date through seven years.

Requires qualified community development entities to invest at least 85% of qualified equity investment proceeds in qualified low-income community businesses located in North Carolina within 12 months and maintain this investment level through the seventh anniversary.

Limits total certified qualified equity investments to $500,000,000 and requires entities to pay a nonrefundable $5,000 application fee plus a refundable performance fee of 0.5% of the investment amount.

Allows tax credits to be transferred to partners, members, or shareholders of pass-through entities and permits recapture of credits if federal credits are recaptured, investments are redeemed early, or investment requirements are not maintained.