NC S512

Creates a tax credit for eligible small businesses that hire North Carolina residents, with full-time employees generating $7,500 credits and part-time employees generating $3,750 credits, calculated proportionally based on weeks worked (35+ hours for full-time, 20-34 hours for part-time).

Establishes a separate restaurant credit for eligible restaurants hiring delivery drivers, providing $3,500 for full-time drivers and $1,750 for part-time drivers, calculated the same way as the small business credit.

Defines eligible small businesses as enterprises with cumulative gross receipts not exceeding $1,000,000, fewer than 99 employees, and subject to North Carolina income tax under Article 4 of the General Statutes.

Applies to taxable years beginning on or after January 1, 2021, and expires for taxable years beginning on or after January 1, 2022, making it a one-year tax incentive.