By MEGHAN M. SMITHAssociated PressIn North Carolina, a new state law that could put developer salaries on the chopping block and force companies to close their doors is causing a backlash among some of the state’s biggest tech companies.
North Carolina’s law, HB 2, was signed into law in January and takes effect next year.
It prohibits companies from accepting more than $1 million in taxpayer money for development of a public or private land parcel and limits their liability for wrongful termination, labor disputes, property damage and public health threats.
Companies that fail to meet the requirements could face up to $15 million in penalties.
The law applies to private development on a public property and applies to land owned by a public body, such as a city or county.
Companies are also banned from accepting government funds for the project or using any taxpayer money to do the work.
The bill also requires that developers pay the state about $150,000 per project.
The state estimated that more than 2,000 companies have been hit with fines under the law, according to the Associated Press.
A new law under consideration would prevent the state from paying developers more than the cost of a single-family home in North Carolinians’ poorest counties, said Josh Grosso, a spokesman for the North Carolina AFL-CIO.
The state of North Carolina is the latest in a wave that has seen more than half of the nation’s counties and cities, with an estimated 5.2 million residents, shut down or shuttered in the past two years.
The closures, which have disproportionately affected black communities, have been particularly brutal for African-Americans, according the AP.
Grosso said the AP analysis is wrong because the AP misrepresents the law in order to make it sound more palatable to developers.
North Carolina’s economy is in recovery, and it has the highest median income in the country, he said.
But developers are not the only ones upset about the law.
The legislation has drawn criticism from labor unions, as well as business groups.
North Carolinas Republican Party Chairman David Cox said the law has led to the closure of businesses that employ people of color.
Cox, who represents a rural part of the region, said in an interview with the AP that the new law “has put the entire industry out of business.
It’s not good for North Carolina.
There are so many other jobs and opportunities for the next generation.
There is no other explanation.”
Roy Cooper, a Democrat, signed the bill into law, but his administration has not released a timeline for how it will impact the state.
The governor’s office did not respond to a request for comment.
State lawmakers have already taken action to rein in the state economy.
The North Carolina Chamber of Commerce said it is calling for the legislature to pass a package of laws that would rein in economic growth, reduce costs and support more small businesses and jobs.
North Carolinias Chamber of Business President John McEntee said the legislation is being rushed through the legislative process in a way that is not in the best interests of our state’s economy.
We are working on ways to address concerns, including those from the business community,” he said in a statement.
McEntee’s group also says the legislation will negatively affect small businesses.
It said in the statement that it would hurt small business owners by delaying the start of construction and making it harder for small businesses to attract qualified workers.
The Associated Press