NC S158

Expands the definition of "economically distressed county" to include counties with one of the 87 highest rankings under G.S. 143B-437.08, rather than limiting eligibility to only development tier one or two areas.

Allows rural census tracts within Tier Three counties to become eligible for Industrial Development Fund Utility Account grants for infrastructure projects including water, sewer, gas, telecommunications, broadband, electrical utility, and transportation infrastructure.

Maintains existing restrictions prohibiting use of funds for retail, entertainment, or sports projects, and requiring nonmanufacturing projects to meet specified wage standards based on development tier designation.

Preserves the Department of Commerce's authority to provide up to $100,000 in emergency economic development assistance to any county experiencing major economic dislocation (loss of 500+ manufacturing jobs or 10%+ of manufacturing workforce).

Takes effect upon becoming law.