State lawmakers approved a tax code change to lure billion dollar investors to North Carolina.

The legislation does not name the company, but spells out it must be willing to invest a billion dollars in North Carolina.

In exchange, the company could save $46 million in corporate taxes over the next decade.

Sources told NBC 17 the targeted incentive is for California-based Apple Computer which is considering building a data center in Western North Carolina, possibly Cleveland or Catawba County.

The potential deal renews debate over luring companies with tax breaks to secure jobs.

"We've been in the incentive game now for 14 years.  It's a game none of us particularly like to play in.  I refer to it as a high stakes poker game," said Senate Finance Chairman and bill sponsor David Hoyle, (D) Gaston County.

Yet lawmakers continue to offer pricy incentives; as much as $280 million for a Dell computer plant near Winston-Salem, up to $260 million for Lenoir to secure a Google data center, and now possibly Apple.

"I would welcome any business that wants to create 50 jobs, 100 jobs," said Senate Republican leader Phil Berger, (R) Rockingham County. "But I don't think these businesses ought to come here and say they need a special arrangement before coming here.  Treat all businesses equal."

The bill grants an exception in tax code, but mandates the company build in a low wealth county, offer a certain wage and health insurance to employees.

Republican House leader Rep. Skip Stam, (R) Wake County offered an amendment that failed Tuesday. 

On Wednesday the legislation sailed through the House without issue.

Rep. Stam says it's the wrong message. 

"Best thing to do is stop, rethink and say we're going to grow our economy here by what all businesses like: a predictable playing field with lower marginal ragtes," said Stam.

However, with the unemployment rate near 11 percent in North Carolina, Rep. Bill Owens said, "It's better to get a piece of the pie than no pie at all."

Lawmakers don't want to loose Apple to a neighboring state. 

Although it may bring less than 100 jobs, Rep. Owens says plenty of small to medium-size businesses will benefit through construction work and then maintenance.

"Right now I don't know if we need to be doing away with any of our tools in our arsenal as far as recruiting new jobs when we so desperately need them."

Owens added this company will not be eligible for three other incentive programs that lure business to the state.

To hear more from Rep. Owens or Rep. Stam or see our NBC 17 story, click on the video above.