NC H848

Expands the Industrial Development Fund Utility Account to provide grants to economically distressed "areas" rather than limiting eligibility to economically distressed "counties."

Defines economically distressed areas to include: (a) counties designated as development tier one or two areas under G.S. 143B-437.08, (b) urban progress zones as defined in G.S. 143B-437.09, and (c) agrarian growth zones as defined in G.S. 143B-437.010.

Allows utility account funds to be used for water, sewer, gas, telecommunications, broadband, electrical utility infrastructure, and transportation infrastructure projects in these economically distressed areas.

Permits the Secretary of Commerce to use up to $100,000 for emergency economic development assistance in any county experiencing documented major economic dislocation.

Takes effect upon becoming law.