Senate Bill 481 Summary

• Enacts the "North Carolina Providing Access to Capital for Entrepreneurs and Small Business Act" creating a state securities exemption (Invest NC) allowing businesses to raise up to $1 million ($2 million with audited financials) from North Carolina residents with a $5,000 per investor limit and 10-day filing requirement with the Secretary of State.

• Requires the Department of Revenue to publish written tax determinations (private letter rulings, alternative apportionment rulings, and redetermination rulings) on its website within 90 days of issuance, with taxpayer identifying information redacted.

• Prohibits cities from charging fees to utility businesses listed in G.S. 160A-206(b) for right-of-way use, effective July 1, 2017, except for fees recovering the difference between management expenses and state distributions or payments under existing agreements.

• Establishes a $150 filing fee for Invest NC exemption notices and requires issuers to provide quarterly reports to investors and file with the Secretary of State.

• Requires the Secretary of State to adopt implementing rules within 12 months using an expedited rulemaking procedure with public hearing requirements.