NC H320

Restores Article 3J of Chapter 105 of the General Statutes, which provides tax credits for businesses creating new jobs, extending the sunset date from January 1, 2014 to January 1, 2020.

Establishes a new "small business" definition as a taxpayer employing no more than 50 eligible employees throughout the taxable year and not engaged in retail trade or food services and drinking places.

Provides tax credits for small businesses creating new jobs, with credit amounts ranging from $750 to $12,500 per job depending on the development tier of the county where the job is created, plus additional bonuses up to $2,000 per job for jobs in urban progress zones, agrarian growth zones, or filled by long-term unemployed workers.

Eliminates provisions related to credits for investing in business property (G.S. 105-129.88) and credits for investment in real property (G.S. 105-129.89), limiting the incentive to job creation only.

Requires taxpayers claiming credits to pay a $500 fee when filing returns and effective for taxable years beginning on or after January 1, 2015.