North Carolina S387 revises the Brownfields Property Reuse Act by adjusting fees and tax exclusions for brownfields property improvements.

North Carolina S387 revises the Brownfields Property Reuse Act, modifying fees for prospective developers and tax exclusions for qualifying improvements on brownfields properties. The bill sets an initial fee of $2,000 for developers applying for a brownfields agreement and introduces a two-installment fee structure for developers entering into such agreements. It also establishes a partial tax exclusion for the first five years following the completion of qualifying improvements, with the exclusion percentage decreasing annually.

North Carolina S387 revises the Brownfields Property Reuse Act by adjusting fees and tax exclusions for brownfields property improvements.

North Carolina S387 revises the Brownfields Property Reuse Act, modifying fees for prospective developers and tax exclusions for qualifying improvements on brownfields properties. The bill sets an initial fee of $2,000 for developers applying for a brownfields agreement and introduces a two-installment fee structure for developers entering into such agreements. It also establishes a partial tax exclusion for the first five years following the completion of qualifying improvements, with the exclusion percentage decreasing annually.