NC S7

Adds definition of "federal disaster declaration" and exempts individuals unemployed due to federally-declared disasters from the one-week waiting period and work search requirements for unemployment benefits.

Excludes paid time off (vacation, sick leave) that was unused at separation from being counted as severance pay, effective July 1, 2017.

Changes employer protest period for unemployment claims from 14 days to 10 days from notice of claim filing, effective July 1, 2017.

Changes surtax suspension trigger date from "preceding August 1" to "September 1 of the preceding calendar year" when state unemployment trust fund account reaches $1 billion.

Restructures account transfer rules for business acquisitions to align with federal requirements, including provisions for transfers between related entities and preventing transfers undertaken solely to obtain lower contribution rates, effective July 1, 2017.