A BILL TO BE ENTITLED
AN ACT to provide a tax credit to a major food processing distribution center.
The General Assembly of North Carolina enacts:
SECTION 1.  Article 3B of Chapter 105 of the General Statutes is amended by adding a new section to read:
"§ 105‑129.16E.  Credit for major food processing distribution centers.
(a)	Definitions. – The following definitions apply in this section:
(1)	Eligible major food processing distribution center. – An entity that satisfies all of the following conditions:
a.	The primary activity of the establishment is in soft drink and ice manufacturing industry 31211 as defined by NAICS or wholesaling or bottling soft drinks.
b.	The establishment is located in an enterprise tier one, two, or three area.
c.	The taxpayer has invested at least twenty million dollars ($20,000,000) in acquiring, constructing, or equipping the facility.
(2)	Establishment. – Defined in G.S. 105‑129.2.
(3)	NAICS. – Defined in G.S. 105‑129.2.
(b)	Credit. – A taxpayer that operates an eligible major food processing distribution center is allowed a credit as provided in this section. The amount of the credit is one million dollars ($1,000,000).
(c)	Sunset. – This section expires for taxable years beginning on or after January 1, 2010."
SECTION 2.  G.S. 105‑129.15A is repealed.
SECTION 3.  G.S. 105‑129.16 is repealed.
SECTION 4.  G.S. 105‑129.16A is amended by adding a new subsection to read:
"(e)	Sunset. – This section is repealed for renewable energy property placed in service on or after January 1, 2006."
SECTION 5.  G.S. 105‑129.16C is amended by adding a new subsection to read:
"(d)	Sunset. – This section is repealed for taxable years beginning on or after January 1, 2006."
SECTION 6.  Section 1 of this act is effective for taxable years beginning on or after January 1, 2005, and applies to facilities for whom the required investment under G.S. 105‑129.16E(a)(1) is made on or after that date.  The remainder of this act is effective when it becomes law.