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What’s happening in the North Carolina General Assembly? Here’s a recap of bill activity from last week.

Over the past two months, the General Assembly introduced two pieces of legislation to foster innovation and entrepreneurship in North Carolina. These bills are important for the Raleigh Chamber as we consider ways to help connect entrepreneurs to three core elements - funding, talent, and, opportunities.

The first piece of notable legislation reestablishes an important tax credit that was removed by the General Assembly in 2014. House Bill 680: Reenact Qualified Business Venture Credit provides income tax credits for qualified business investments that either are headquartered in a tier one or two county; or are headquartered in an opportunity zone. Additionally, the legislation increases the total amount of tax credits in a calendar year to $10 million (up from $7.5 million). The bill would become effective on Jan. 1 and contains an expiration date of Jan. 1, 2025.

Another notable piece of legislation introduced in the General Assembly is Senate Bill 649: North Carolina Venture Fund. The bill establishes the NC Technology Development Investment Program as a means of providing early-stage, evergreen venture capital for the purpose of fostering and funding businesses in NC and supports entrepreneurs in their efforts to build companies. Additionally, the bill creates the Startup Capital Authority to make qualified investments in businesses throughout the state to provide greater access to startup companies. The legislation would become effective upon appropriation from the General Assembly.

This legislation represents important investments in North Carolina’s entrepreneurial ecosystem.  
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To learn more about our GA priorities, track legislative bills, or to read our blog posts, you can visit our webpage or follow us on Twitter @RcgaJ, @tierra_rcga, or @raleighchamber.  

This year, we challenged attendees to think boldly about the future of our community.
 
The summit was kicked off with some informal networking, followed by an invigorating conversation between Raleigh Chamber President & CEO, Adrienne Cole and Richard Florida.
 
Florida is a well-known urbanist, a researcher and a professor at the University of Toronto’s School of Cities and Rotman School of Management. He is a writer and journalist. He’s written several global best sellers, including the award winning The Rise of the Creative Class and his most recent book, The New Urban Crisis. He is co-founder of CityLab, the leading publication devoted to cities and urbanism.
 
Florida discussed “15-minute neighborhoods,” remote work, and pandemic misconceptions.
You can read more about what Florida had to say here.
 
After the discussion, attendees were asked to choose from the following breakout groups to continue the discussion around ‘what’s next’ for our community:

• Smart + Connected Cities
• The Future of Talent + Talent Migration
• Urbanism and the Impact Cities Can Have on Our Future
• The Future of Transit and Transportation
• Climate and Sustainability
• Innovation and the Future of Innovation
• Creating an Equitable Community

 
The summit was just the beginning of the conversation. To learn more about our economic development efforts and the future of our community, you can visit Raleigh-wake.org.

Strong community partnerships and support from partners are key to attracting companies to the Triangle region. Here is a snapshot sharing some positive feedback from our partners around the region and state. To learn more about the Apple announcement and other recent announcements, you can visit Wake County Economic Development’s website.
 
"Even in a pandemic, North Carolina has been on a run with 10 companies and thousands of new jobs in both rural and urban North Carolina announced within just the last two months. Well it's about to be 11 and this may be the biggest of them all," Governor Roy Cooper said.
 
“There’s a reason this transformative project isn’t happening somewhere else,” State Senate Leader Phil Berger said. “We’ve spent 10 years enacting a responsible budget, lowering taxes and making regulations reasonable. The winning formula for job creation.” “That formula combined with education reform and funding is attractive to job creators, big and small,” Berger continued. “Today that job creator happens to be the biggest company in the world.”
 
“This is an important milestone that strengthens our position as a tech hub,” said Michael Haley, executive director of Wake County Economic Development.
 
"Apple knows what it wants from its employees, and Apple knows what it needs to be state of the art," said Paulette Dillard, president of Shaw University. "They work with us on that level to be able to have those resources, and it saves time and money from my perspective to be able to actually receive what I need to set up the classroom or training."
 
Kevin M. Guskiewicz, chancellor of the University of North Carolina at Chapel Hill, said, "Carolina will play an important role in preparing the workforce for Apple as a leading global public research university and will partner with Apple through strategic research initiatives. This aligns perfectly with our two-year planning for the launch of our new data science initiative, which will be formally announced in the coming weeks."
 
Dr. Scott Ralls, president of Wake Technical Community College, was among the academic leaders who recognized the opportunity Apple presents to job seekers of the future. “This announcement means incredible economic impact for our state and outstanding job opportunities. We are excited to work with Apple to maximize those opportunities for the people of our region," Ralls said.
 
Dr. Randy Woodson, chancellor of North Carolina State University, said he sees "extraordinary opportunities for N.C. State’s skilled graduates and advancing the state's economy.” "We stand ready to provide the kind of human talent and ingenuity that is a hallmark of this iconic company," added Peter Hans, president of the University of North Carolina System.
 
“As a North Carolina native, I’m thrilled Apple is expanding and creating new long-term job opportunities in the community I grew up in," said Jeff Williams, chief operation officer of Apple said. "We’re proud that this new investment will also be supporting education and critical infrastructure projects across the state. Apple has been a part of North Carolina for nearly two decades, and we’re looking forward to continuing to grow and a bright future ahead.”

What’s happening in North Carolina Government? Here’s a recap of important activity that took place last week that impacts your business.

Last week, Governor Cooper delivered his State of the State Address. The Governor kicked off his State of State Address by thanking everyone from frontline workers, educators, and the members of the General Assembly who had a huge role during the pandemic. Gov. Cooper stressed the need to strengthen public schools for all children, eliminate the gaps in high speed internet access, and increased work wages for North Carolinians. He acknowledged the collaborative work of North Carolina businesses that joined forces to assist with PPE, such as small businesses who created masks and medical supplies.

Gov. Cooper also praised Apple for the investment in North Carolina over the next 10 years. Apple plans to invest $1 billion, including $552 million to establish a campus in RTP where it will create 3,000 jobs that would pay an average $187,000. Also a $448 million data center investment in Catawba County.  Lastly, Gov. Cooper discussed the work his administration has done since he became governor and during the pandemic. He noted that under his administration, the state approved $700 million in Build NC Bonds to support road construction and repairs and the HOPE Program (Housing Opportunities and Prevention of Evictions) was created to assist North Carolinians during the pandemic.

Also last week, Governor Cooper signed House Bill 279: COVID-19 Related Tax Changes/UI Technical Corrections, which clarifies that federal stimulus payments received as COVID-19 relief payments are not considered income for purposes of determining eligibility for property tax exemptions. The bill had previously passed both the House and the Senate with unanimous support. Another notable piece of tax focused legislation passed through the General Assembly last week in Senate Bill 322: 2021 Revenue Law Changes. The bill exempts COVID-19 relief payments from the income determination for the property tax homestead exclusion and makes various other tax changes. The Senate Finance Committee approved the following tax law changes:

1. Reduction in the cap on the federal itemized deductions for state and local taxes (SALT)

paid by individual income taxpayers by providing a state-level workaround.

1. Creation of a separate State net operating loss calculation for individual income taxes.
2. Graduation of penalties for late payment of taxes.
3. Extension of the sunset for qualifies rehabilitation expenditures for eligible railroad stations.

​The bill will now move to the Senate Appropriations Committee for further review.
 
To learn more about our GA priorities, track legislative bills, or to read our blog posts, you can visit our webpage or follow us on Twitter @RcgaJ, @tierra_rcga, or @raleighchamber.  

What’s happening in the North Carolina General Assembly? Here’s a recap of bill activity and how these bills may impact your business.

Last week, two important changes to the NC tax law went through the General Assembly. House Bill 279: COVID-19 Related Tax Changes/UI Technical Corrections, which clarifies that federal stimulus payments received as COVID-19 relief payments are not considered income for purposes of determining eligibility for property tax exemptions went to the Senate floor. This bill passed the House in recent weeks and is awaiting final action from the Senate. House Bill 334: Temporarily Align PPP Treatment to Federal Treatment allows individuals and corporate taxpayers an income tax deduction for expenses paid using a loan forgiven under the Paycheck Protection Program. This bill passed the House on April 22 and moved to the Senate on April 23.

A notable piece of legislation is Senate Bill 493: JDIG Multi-location Projects Modifications. SB 493 modifies multi-location project enhancements for the Job Development Investment Grant program. This bill mandates a 10 percent increase of the annual grant approved for disbursement payable to a qualifying business. It also provides that the amount of the increase is not to be used in calculating award limitations under the program. As of April 21, the bill passed the Senate Finance Committee and was re-referred to the Senate Committee on Rules.

Finally, House Bill 366: Regulatory Reform Act of 2021 provides further regulatory relief to the citizens of North Carolina. This bill is organized into several components, which include increasing limits on public employees benefiting from public contracts, NC Pre-K School options, and allows distilleries to sell mixed beverages produced by the distiller directly to consumers in other states. This bill passed the House on April 21 and was referred to the Committee on Rules and Operations of the Senate on April 22.
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To learn more about our GA priorities, track legislative bills, or to read our blog posts, you can visit our webpage or follow us on Twitter @RcgaJ, @tierra_rcga, or @raleighchamber.  

We are excited to announce a subscription service where you can get all the benefits of a membership with affordable monthly pricing. 
The Chamber Advantage is offered to our small business community with less than 100 employees.
Our focus is to help you and your small business succeed. We will do that by addressing the issues that impact your company’s growth and profitability, help you attract top talent, and enhance your employees’ quality of life.
Your Chamber Advantage membership includes:

• Complimentary attendance at Chamber events including New Member Orientation, Business After Hours, Networking 101, and Coffee with Leaders.
• Special member pricing for monthly events and webinars where you’ll meet potential customers.
• Promote your business to 1,800 member companies through category listings on raleighchamber.org. Up to three categories are included.
• Enhanced member directory listing with your company logo, company description, social media links, and coupons and deals.
• Access to weekly e-newsletter with event updates, Chamber news, and community news.
• Access to the Chamber’s monthly economic development report.​

 
Sign up today and get your advantage!
​

Wake County today further solidified its position as a hub for the world’s leading technology companies when Apple announced its plan to invest $1 billion in the state and build a new campus at the Research Triangle Park. The global tech giant plans to hire at least 3,000 people at an average annual salary of $187,000.
 
“We’re delighted that Apple chose Wake County as the site for its newest research and development campus,” said Chair Matt Calabria of the Wake County Board of Commissioners. “An investment of this magnitude is transformational for our community, bringing great jobs and long-term economic benefits. It also proves that we have the right combination of talent and innovation to attract industry-leading companies who want an exceptional quality of life for their employees.”
 
Apple’s New Campus at RTP
Apple’s new campus and engineering hub at RTP will accommodate the company’s growing research and development and engineering teams, among others.
 
It will measure more than 1 million square feet and initially house 3,000 employees working in machine learning, artificial intelligence, software engineering and other cutting-edge fields. Like all Apple facilities, the new campus will run on 100% renewable energy from the first day the doors open.
 
“Apple’s decision to join the community of 310 companies in Research Triangle Park is extraordinary,” said Scott Levitan, President and CEO of the Research Triangle Foundation. “Its major commitments to public education, sustainability, infrastructure and partnerships with our universities and community colleges demonstrates corporate leadership starting day one.”
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Why RTP and Wake County?
Like Apple, Wake County is always looking for what comes next. That, coupled with our leading tech sector, nationally recognized education system and top talent pool, give Wake County the right mindset and skillset to attract major corporations like Apple.
“As a North Carolina native, I’m thrilled Apple is expanding and creating new long-term job opportunities in the community I grew up in,” said Jeff Williams, Apple’s Chief Operating Officer. “We’re proud that this new investment will also be supporting education and critical infrastructure projects across the state. Apple has been a part of North Carolina for nearly two decades, and we’re looking forward to continuing to grow and a bright future ahead.”
 
Apple is poised to be a strong community partner. The company has committed $100 million to support schools and education initiatives in the Triangle region along with more than $110 million for infrastructure across 80 counties in North Carolina.
 
Apple is not new to North Carolina. Currently, Apple employs 1,100 employees across the state and continues to expand its presence in Catawba County. Apple has been a resident of North Carolina for the past 20 years.
 
“We are proud Apple selected Wake County and the Research Triangle Park for a new campus,” said Adrienne Cole, President and CEO of the Greater Raleigh Chamber. “The strength of our diverse and global talent pipeline, our world-class education ecosystem, solid business climate, and high quality of life make this region one of the most future-focused and innovative in the world.”

A Total Team Effort
It took many partners to help make this historic announcement possible. They include:

• Wake County Government;
• Greater Raleigh Chamber;
• Wake County Economic Development;
• Research Triangle Foundation;
• Capital Area Workforce Development Board;
• Wake Technical Community College;
• N.C. Community College System;
• N.C. State University;
• N.C. Department of Commerce;
• Economic Development Partnership of N.C.; and
• North Carolina General Assembly.

​“We are excited to welcome Apple to our thriving technology ecosystem,” said Michael Haley, Executive Director of Wake County Economic Development. “This is an important milestone that strengthens our position as a tech hub. Apple’s decision to invest in the Triangle is a testament to our community’s talent, resources, and overall quality of life.”
 
Once the campus is up and running, Apple’s investments are expected to generate more than $1.5 billion in economic benefits annually for North Carolina. That’s in addition to the benefits the state already receives as a result of Apple’s current investments.
 
Technology in Wake County
One of the biggest and fastest growing industry sectors in Wake County is technology. With nearly 4,000 tech companies in the region, it’s home to heavy hitters such as IBM, Red Hat, Lenovo, SAS, Bandwidth, Citrix and Epic Games. They’ve called the region home for many years and continue to grow here.
Wake County is consistently ranked as one of America’s most digitally inclusive tech communities, and one of the best places for IT pros to live and work in the U.S.

What’s happening in the North Carolina General Assembly? Here’s a recap of bill activity and how these bills may impact your business.

A notable piece of legislation that passed through the General Assembly last week was House Bill 334: Temporarily Align PPP Treatment to Federal Treatment. HB 334 allows individual and corporate taxpayers an income tax deduction for expenses paid using a loan forgiven under the Paycheck Protection Program. Thousands of small businesses that secured a PPP loan last year are facing NC tax liabilities on federal money used to keep employees hired and doors open. This legislation conforms to the federal treatment of expenses paid by PPP loans, allowing a deduction for expenses paid by the PPP loans. The bill passed the second reading in the house and is on the calendar for a final reading on April 20.

Another important change to the NC tax law, House Bill 279: COVID-19 Related Tax Changes/UI Technical Corrections passed the House with a unanimous vote last week. The bill clarifies that federal stimulus payments received as COVID-19 relief payments are not considered income for purposes of determining eligibility for property tax exemptions. Additionally, the bill forgives interest on 2020 individual income tax returns filed on or before May 17. On March 17, the IRS extended the federal income tax filing due date from April 15 to May 17. However, the NC Secretary of Revenue was obligated to apply interest on tax payments submitted after the original filing date. HB 279 permits the Secretary to waive those penalties as NC law conforms to federal law.

Lastly, Governor Cooper signed two important education bills into law:

• House Bill 82: Summer Learning Choice for NC Families
• Senate Bill 387: Excellent Public Schools Act of 2021

HB 82 mandates local schools to offer a six-week school extension learning recovery and enrichment program outside of the instructional calendar following the 2020-21 school year. This bill directs the State Board of Education to provide and require units to implement innovative benchmarks to allow teachers to measure students learning loss throughout the school year. Additionally, SB 387 modifies the implementation of the NC ‘Read to Achieve’ program in order to attain statewide reading proficiency by the third grade. This house bill is important because it helps grow and strengthen the talent pipeline in Wake County and North Carolina.

To learn more about our GA priorities, track legislative bills, or to read our blog posts, you can visit our webpage or follow us on Twitter @RcgaJ, @tierra_rcga, or @raleighchamber.  

Invitae Corporation, a life sciences company specializing in genetic testing, announced today that it plans to make a $114.6 million capital investment in the Town of Morrisville in Wake County.

​Joining the more than 600 life sciences organizations in the Research Triangle region, the San Francisco-based company harnesses the power of genetics and technology to make medical genetics affordable and accessible. The project brings 374 jobs, with an average salary of $91,176.

“We’re excited that Invitae Corporation has chosen Wake County and the Town of Morrisville for this project,” said Matt Calabria, chair of the Wake County Board of Commissioners. “This is further proof that our community’s high quality of life and outstanding talent pool are second to none, and it cements our position as a top global hub for life science innovation.” 

Invitae will become one of the first occupants of The Stitch, the adaptive reuse project of the former Morrisville Outlet Mall. The up-fitted facility boasts 245,000 square feet of office and lab space minutes from Raleigh-Durham International Airport.

Mayor TJ Cawley of Morrisville said, “The town’s commitment to support life science companies, and the long-awaited transformation of the Morrisville Outlet Mall into The Stitch, the new home for Invitae, have come together in an exciting announcement for our community.  We welcome Invitae to Morrisville, and we are eager to work with you to call Morrisville home.”

“We are excited to add Invitae to the booming life science industry in the Triangle,” said Michael Haley, executive director of Wake County Economic Development. “The strength of the industry cluster is bolstered by regional collaboration, strong partnerships and top-tier talent.”

Partnering with the North Carolina Department of Commerce and the Economic Development Partnership of N.C. on this project were the North Carolina General Assembly, the North Carolina Community College System, the North Carolina Biotechnology Center, Research Triangle Foundation, North Carolina Central University, North Carolina State University, Wake Tech, the Capital Area Workforce Development Board, the Town of Morrisville, Wake County, the Morrisville Chamber of Commerce, and Wake County Economic Development and Triangle Diversity Equity and Inclusivity Alliance, programs of the Raleigh Chamber.

​You can read the formal press release here.

WRAL TechWire highlighted progress being made with the FUJIFILM Diosynth Biotechnologies recruitment.

Adrienne Cole, our president and CEO was quoted in the article discussing the project and speaking to pivotal role played by Irena Krstanovic, director of economic development for the Town of Holly Springs; Katy Parker, business recruitment manager at the Economic Development Partnership of North Carolina (EDPNC); and Ashley Cagle, assistant executive director of Wake County Economic Development.

WRAL TechWire also picked up the Raleigh Chamber’s YouTube Interview of Adrienne with Wake Economic Development’s Michael Haley and Ashley Cagle discussing the recent announcements from FUJIFILM Diosynth Biotechnologies and Google.

The trio explores the power of collaboration, the impact and benefit of the announcements, and the shared commitment to existing initiatives such a diversity, equity, and inclusion, sustainability, and workforce development.

Finally, WRAL spoke to local business executives about what returning to the office could look like.

Durham-based, Cree just launched a campaign called “Work Where It Works,” which has about half of its staff working from home and with many others working in the factory on production lines.

To learn more about our economic development efforts, visit raleigh-wake.org. For COVID recovery and reopening resources, you can visit raleighchamber.org/recovery.