Tuesday, September 09, 2014

N.C. legislators vote against $20M economic development 'closing fund

Staff Triad Business Journal

Legislation that would have created a fund for the N.C. Department of Commerce to dole out $20 million in up-front cash incentives was voted down by the legislature Tuesday, according to several media outlets.

The measure, which bundled together with other provisions, including a controversial sales tax-capping regulation, failed Tuesday by a vote of 47 to 54.

The incentives would have been used to lure jobs or keep existing ones from being cut.

While proponents of the measure said it could help seal the deal for some economic development projects currently in the pipeline, critics said it was not clear how such incentives would ultimately be used.

The bill would have also expanded two other incentive programs. More here.

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