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LEGISLATIVE PROPOSAL 1
A RECOMMENDATION OF THE JOINT STUDY COMMITTEE ON ANORTH CAROLINA APPLIED
FURNITURE TECHNOLOGY CENTER
TO THE 2007 GENERAL ASSEMBLY
AN ACT TO PROVIDE ENHANCED ECONOMIC DEVELOPMENT
INCENTIVES TO ENDANGEREDMANUFACTURERS, TO PROVIDE
PROPERTY TAX EXCLUSIONS FOR ENDANGEREDMANUFACTURERS, TO
CLARIFY THAT A LOW- PROFIT LIMITED LIABILITY COMPANY IS A
LIMITED LIABILITY COMPANY UNDER STATE LAW, TO ESTABLISH THE
NORTH CAROLINA FURNITURE FUND TO RECEIVE STATE AND FEDERAL
FUNDING FOR THE FURNITURE INDUSTRY, TO ESTABLISH THE NORTH
CAROLINA FURNITURE COUNCIL TO ADMINISTER THE FUND, TO
APPROPRIATE FUNDS FOR THAT PURPOSE, TO APPROPRIATE FUNDS TO
ESTABLISH THE FURNITURE TECHNOLOGY CENTER, TO PROVIDE FOR
ADDITIONAL PENALTIES FOR THE UNAUTHORIZED DISCLOSURE OF
TRADE SECRETS, AND TO CLARIFY THAT INDUSTRIALMACHINERY IS
NOT SUBJECT TO REGULATION UNDER THE BUILDING CODE.
SHORT TITLE: Omnibus Endangered Manufacturers Act
SPONSORS:
BRIEF OVERVIEW: This bill is intended to encourage redevelopment of the furniture
industry in North Carolina by providing for tax incentives, establishing a structure for low-profit
entities, appropriating funds for a Furniture Council and Furniture Technology Center,
providing for criminal penalties for disclosure of trade secrets, and clarifying the building
inspectors are not to inspect industrial machinery that is not a fixture in a building.
EFFECTIVE DATE: Various portions of the bill become effective at different time
A copy of the proposed legislation and a bill analysis begin on the next page
