Monday, February 2, 2015

NC Investment Crowdfunding Update - Governor McCrory and Commerce Secretary Skvarla Support Passage of a Crowdfunding Bill this Session

Governor Pat McCrory and Commerce Secretary John Skvarla both support the passage of a crowdfunding bill this session, and work on getting a bill passed is in progress.

The 2015 North Carolina legislative session has convened. The first new version of the bill has been filed called the Start-Ups Act/New Markets Tax Credit (House Bill H14) and is sponsored by Representatives B. Brown, Bryan, Jeter, Jones, and S. Martin. This bill has two parts. The first section is the same as the NC JOBS Act bill H680 investment crowdfunding exemption previously passed by the House. The second section is a tax credit bill called the New Markets Tax Credit Act of 2015. Here is the text of H14.

In addition, a companion bill has been filed in the Senate called the Jump Start Business Startups/New Markets Credit Act.(Senate Bill S35) It is sponsored by Senators Rick Gunn;  Ralph Hise;  (Primary) Andrew C. Brock;  Ben Clark;  Warren Daniel;  Joel D. M. Ford;  E. S. (Buck) Newton;  Louis Pate;  Ronald J. Rabin; This bill has two parts. The first section is the same as the NC JOBS Act bill H680 investment crowdfunding exemption previously passed by the House. The second section is a tax credit bill called the New Markets Tax Credit Act of 2015. Here is the text of S35.

A second crowdfunding bill has been filed, sponsored by Representatives Millis and Collins known as the NC Intrastate Private Capital Act (H63). This bill is a stand alone version of an investment crowdfunding exemption, which is very different from the original H680 NC JOBS Act. Here is the text of H63.

It is anticipated that additional filings of the crowdfunding exemption may also happen in the House and/or Senate, including a standalone version known as the NC PACES Act. Work on these alternatives is in progress.

More coverage can be found on WRALTechwire and at Triangle Business Journal.






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