North Carolina § 143B-437 - 50. Legislative findings and purpose.

§ 143B-437. 50. Legislative findings and purpose.

The General Assembly finds that: It is the policy of the State of North Carolina to stimulate economic activity and to create new jobs for the citizens of the State by encouraging and promoting the expansion of existing business and industry within the State and by recruiting and attracting new business and industry to the State. Both short-term and long-term economic trends at the State, national, and international levels have made the successful implementation of the State's economic development policy and programs both more critical and more challenging; and the decline in the State's traditional industries, and the resulting adverse impact upon the State and its citizens, have been exacerbated in recent years by adverse national and State economic trends that contribute to the reduction in the State's industrial base and that inhibit the State's ability to sustain or attract new and expanding businesses. The economic condition of the State is not static and recent changes in the State's economic condition have created economic distress that requires a reevaluation of certain existing State programs and the enactment of a new program as provided in this Part that are designed to stimulate new economic activity and to create new jobs within the State. The enactment of this Part is necessary to stimulate the economy, facilitate economic recovery, and create new jobs in North Carolina; and this Part will promote the general welfare and confer, as its primary purpose and effect, benefits on citizens throughout the State through the creation of new jobs, an enlargement of the overall tax base, an expansion and diversification of the State's industrial base, and an increase in revenue to the State and its political subdivisions. The purpose of this Part is to stimulate economic activity and to create new jobs within the State. It is not the intent of the General Assembly that grants provided through this Part be used as venture capital funds, business incubator funds, or business start-up funds or to otherwise fund the initial capitalization needs of new businesses. Nothing in this Part shall be construed to constitute a guarantee or assumption by the State of any debt of any business or to authorize the taxing power or the full faith and credit of the State to be pledged. History (2002-172, s. 2.1(a); 2003-416, s. 2.) Cross References. - For considerations when developing criteria for awarding grants and determining percentages upon which amounts of grants are based, see editor's notes under G.S. 143B-437.52. Qualified Capital Intensive Corporation Ineligible for Certain Grants. - Session Laws 2009-54, s. 4, provides: "A corporation that is a qualified capital intensive corporation under G.S. 105-130.4(s1) is not eligible for a grant under the Job Development Investment Grant Program established under Part 2G of Article 10 of Chapter 143B of the General Statutes or the One North Carolina Fund established under Part 2H of Article 10 of Chapter 143B of the General Statutes with respect to the facility that satisfies the condition of G.S. 105-130.4(s1)(2)." Editor's Note. - This Part was enacted by Session Laws 2002-172, s. 2.1(a), as G.S. 143B-437.44 through 143B-437.56. It has been renumbered as G.S. 143B-437.50 through 143B-437.62, respectively, at the direction of the Revisor of Statutes. This Part was redesignated as Part 2G at the direction of the Revisor of Statutes. Session Laws 2002-172, s. 7.1, is a severability clause. Session Laws 2003-416, s. 2, provides: "S.L. 2002-172 is reenacted." Session Laws 2012-142, s. 13.6(a), provides: "The General Assembly acknowledges the importance of ongoing economic growth and development in this State. To that end, it is the intent of the General Assembly to fund the commitments of the One North Carolina Fund, as evidenced by the General Assembly's past and recurring appropriations to the Fund and as set forth in this section, and to establish a funding structure that aligns with the funding structure that is and has been used with the Job Development Investment Grant Program. The General Assembly has continued this level of commitment while remaining fiscally responsible in addressing the other critical, high-priority needs of the State." Session Laws 2012-142, s. 1.2, provides: "This act shall be known as 'The Current Operations and Capital Improvements Appropriations Act of 2012.'" Session Laws 2012-142, s. 27.4, provides: "Except for statutory changes or other provisions that clearly indicate an intention to have effects beyond the 2012-2013 fiscal year, the textual provisions of this act apply only to funds appropriated for, and activities occurring during, the 2012-2013 fiscal year." Session Laws 2012-142, s. 27.7, is a severability clause. Session Laws 2016-94, s. 15.2(c), provides: "Funds remaining as of June 30, 2016, in JDIG Reserve established pursuant to G.S. 143C-9-6 are transferred to the Department of Commerce for the JDIG Program established pursuant to Part 2G of Article 10 of Chapter 143B of the General Statutes." Session Laws 2016-94, s. 1.2, provides: "This act shall be known as the 'Current Operations and Capital Improvements Appropriations Act of 2016.'" Session Laws 2016-94, s. 39.4, provides: "Except for statutory changes or other provisions that clearly indicate an intention to have effects beyond the 2016-2017 fiscal year, the textual provisions of this act apply only to funds appropriated for, and activities occurring during, the 2016-2017 fiscal year." Session Laws 2016-94, s. 39.7, is a severability clause.