RALEIGH, NC (WECT) - A pair of state House Democrats are proposing to renew several of North Carolina's Economic Development Tax Credits that expired in recent years.
Rep. Susi Hamilton (D-New Hanover) and Rep. Rodney Moore (D-Mecklenberg) are the primary sponsors of HB 89, which is "designed to restore various tax credits and incentives for economic development".
The bill would restore the Film Incentive and Historic Rehabilitation Tax Credits, which the GOP-controlled General Assembly allowed to expire on January 1, 2015, and the Use of North Carolina Ports Credit, which expired January 1, 2014.
Also included in the bill is re-establishment of the Earned Income Tax Credit, which ended January 1, 2014. The credit would be two and one-half percent (2.5%) in 2015, and jump to five percent (5%) in future years, ending January 1, 2019.
Rep. Hamilton said she hopes introducing the bill will revive discussions about these programs. "If history is any indication, all of these programs have had bi-partisan support in the past few decades," Hamilton said. "The ball is in the Republicans' court. If they want to have a serious discussion on economic development policies that have worked in all 100 counties in the past, we are ready and willing to negotiate."
To read the text of HB 89, click here: