General Assembly Update

The Senate passed Senate Bill 820: Clean Energy and Economic Security Act this past Thursday and they have worked out a compromise with the House so that the Senate bill will now go before the House for ratification.  This bill would authorize hydraulic fracturing and horizontal drilling as early as July 2014, establish an Oil & Gas Board with regulatory authority, and create a Joint Legislative Commission on Energy Policy.  This bill will aid in reducing our dependence on foreign oil.


On a local front a House subcommittee voted to concur on Senate Bill 236 which recognizes the Shelby Liver Mush Festival as the official fall Liver Mush festival of the State of North Carolina.  I heard this being talked about on one of the Charlotte radio stations this morning.  We asked for this legislation because it gives us additional recognition all over the state and it is a great marketing tool.  The Liver Mush Festival promises to be bigger and better this year.  Mark your calendar for October 13th for the festival

Businesses in the State of North Carolina are facing an increased tax burden because of the debt owned the Federal government due to extending the unemployment benefits.  The State has borrowed money from the Federal Government to pay the extended unemployment benefits and are now faced with the task of repaying this money. The unpaid debt is triggering mandatory federal tax increases, which threaten jobs and economic recovery. In January 2012, employers saw an average tax increase of $21 per employee. That tax will continue to rise by roughly the same amount every year until the debt is retired. The cost to employers is projected to reach $420 per employee, if nothing is done.  The State is currently investigating means to reduce this debt.  Watch for future developments.