The state Senate on Wednesday afternoon gave tentative approval to a bill that includes crowdfunding legislation. One more vote is needed before the bill can go to the House,

Economic development legislation also moved forward as part of the bill.

“Senators voted 33-16 to give the bill tentative approval, but it was not along party lines,” reports WRAL’s Mark Binker. “Five Democrats, including Sen. Floyd McKissick, D-Durham, voted for the measure. Four Republicans, including Sens. Chad Barefoot, R-Wake, and Tamara Barringer, R-Wake, voted against the measure. Barringer said on the floor that she opposed the crowd-funding measure, saying she believed it ran afoul of federal law.”

If the bill [H 1224] is approved in a second floor vote, Binker says it goes on to the House. But “its fate is less certain,” he says, given the bill’s sales tax provisions. [Read full details online.] 

The House has already passed crowdfunding legislation.

Tuesday’s Action

As WRAL Captiol Brueau Chief Laura Leslie reported Tuesday night, the Senate Finance Commitee pushed all those issues forward as part of a bigger bill [H 1224], which is drawing most media attention because of its focus on counties and sales tax authority.

But entrepreneurs are watching for crowdfunding, hoping that Senate Committee approval will lead to full Senate passage and the entire bill being sent to the House.

Business backers, meanwhile, are keeping an eye on the H 1224 package because it contains an expansion of economic development recruitment packages and a new Job Catalyst Fund.

Crowdfunding known as the NC JOBS Act was made part of the bigger Senate bill on Monday.

The overall bill can be read online.

But what will happen in the House? Here’s what WRAL’s Laura Leslie wrote of the revamped bill:

“The next stop for the legislation is the Senate floor, where it could be debated as soon as Wednesday. The bill would still need the approval of the House.

“House finance leaders said Tuesday they were not informed about the bill by Senate leaders and are trying to learn more about the proposal.”

Just last week, the Senate Commerce Committee approved the crowdfunding legislation. 

Crowdfunding has been approved decisively in the House but remains caught up in the ongoing budget fight. That battle apparently won’t end any time soon.

Read WRAL.com’s coverage to get an update on the overall negotiations.