NC Competes Act (H117) - Summary

• Increases Job Development Investment Grant (JDIG) program maximum annual liability from $15 million to $20 million annually, or $35 million in years with high-yield projects ($500 million investment and 1,750+ jobs), extending grant authority to January 1, 2019.

• Raises minimum eligible positions requirement for Tier Three development areas from 20 to 50 positions and allows high-yield projects to receive grants up to 100% of withholdings for up to 20 years if business maintains requirements.

• Creates sales tax exemptions for data center electricity and support equipment ($75 million investment threshold), aviation gasoline and jet fuel for interstate air carriers, and qualified aircraft and jet engines.

• Modifies ONE NC program local match requirements based on development tier, with state providing $3 for every $1 from Tier One areas, $2:$1 for Tier Two, and $1:$1 for Tier Three areas.

• Extends motorsports sales tax preferences through January 1, 2020, and implements tax compliance measures including expanded information reporting requirements and authority for revenue department to request compliance information from occupational licensing boards and alcohol vendors.