NC S354

Reenacts North Carolina's Research and Development tax credit (Article 3F of Chapter 105), which was previously repealed, and extends the sunset date from January 1, 2016 to January 1, 2040

Establishes tiered credit rates for qualified NC research expenses: 1.25% for expenses up to $50 million, 2.25% for $50-200 million, and 3.25% for expenses over $200 million

Provides enhanced credit rates of 20% for university research expenses, 35% for research in certified Eco-Industrial Parks, and 3.25% for small businesses or research in development tier one areas

Reduces the annual cap on credits from 50% to 15% of the tax liability against which the credit is claimed, with unused credits carried forward for up to 15 years

Requires taxpayers to meet wage standards, provide health insurance covering at least 50% of premiums, maintain clean environmental and safety records, and have no overdue tax debts to qualify for credits