North Carolina: Crowdfunding measure changes hats in Senate

Groundfloor co-founders

Groundfloor co-founders

Lauren K. Ohnesorge | Triangle Business Journal | July 22, 2014 – A measure that would allow North Carolina companies to crowdfund up to $1 million a year could move to a vote this week – but there’s a catch.

The provision, already passed in the House, wears a new hat this week in the Senate. As of Monday, it’s been lumped into a bill aimed to ease local sales tax restrictions.

The bill caps local sales taxes at 2.5 percent but, unlike an earlier version, doesn’t include a provision that would require counties to choose between funding education or transit with additional taxes.
Wake County’s current tax rate is 3 percent.

The crowdfunding measure, however, is the headliner for entrepreneurs who say they need more ways to fund their ideas.

And it’s central to the business plan of startups such as Groundfloor, which is trying to bring its crowdfunding real estate platform to the state, and Royalty Exchange, which is trying to auction off shares of patents and IP rights to multiple investors.


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