Bill > S530

This bill modifies the One North Carolina Fund to create a new Agricultural Manufacturing Investment Grant (AMIG) Account within the existing fund, designed to provide competitive grants to agricultural manufacturers. The new account allows up to $5 million in annual funding and offers grants of up to $100,000 per year, with a total lifetime grant limit of $500,000 for eligible recipients. To qualify, companies must invest at least $5 million in private funds within two years, maintain 25 full-time employees, pay wages at least 110% of the county's average, and be located in a development tier one or two area or demonstrate advanced agricultural practices like precision agriculture, AI-driven automation, or biotechnology. The Department of Commerce will administer the program, prioritizing projects based on their potential economic benefit and giving preference to companies that invest in research and development. Grant recipients must enter into performance agreements and may be required to repay portions of the grant if they fail to meet specified criteria. The bill becomes effective on July 1, 2025, and aims to support and incentivize agricultural manufacturing economic development in North Carolina.

https://www.ncleg.gov/BillLookUp/2025/S530