Senate Bill 505 Summary

• Expands the Job Maintenance and Capital Development Fund to include a new "heritage manufacturing employer" category for businesses in manufacturing that have operated in North Carolina for over 100 years.

• Heritage manufacturing employers must invest at least $325,000,000 in private funds over a four-year period, employ at least 1,050 full-time employees statewide, and relocate at least 400 employees to a development tier two area.

• Increases the maximum number of grant agreements from six to seven and raises the total aggregate cost limit from $139,000,000 to $154,000,000.

• Maintains existing eligibility requirements for all grant recipients, including wage standards of at least 140% of county average wages, health insurance coverage paying at least 50% of premiums, and safety/environmental compliance standards.

• Effective July 1, 2019.