Yes, we're laid back. But not when it comes to supporting our business community.

Don’t be fooled by the relaxed, carefree lifestyle. You will not find a harder working team than the economic development officials representing the Lake Norman Region. And you won’t find a more business-friendly locale than North Carolina. Labor related costs in our right-to-work state are among the lowest in the nation. Tax rates are very attractive. And a variety of incentives are available to new and expanding companies, including free job training through our nationally renowned community college system.

Group Hands Consensus Lake Norman Region Economic Development Incentive Grants — awarded by the Towns of Cornelius, Davidson and Huntersville based on a variety of criteria including size and type of project, job creation, growth potential, environmental impact and other considerations. Mecklenburg County Business Investment Partnership — assists new and expanding companies with the creation of jobs and new capital investment in geographically targeted areas, a large portion of which also falls within the designated State Development Zone that adds additional incentives for job creation. 


Keeping Taxes Affordable

Corporate Income Tax — 5% as of 2015
Sales & Use Tax — 4.5% statewide with a local rate of 2.5% or 3% on transactions (combined 7% tax not applicable to raw materials, containers, labels, packaging and shipping materials)
Franchise Tax — $1.50 per $1,000
Inventory Tax — none
Property Tax — no state property tax; county rates range 4.2-11%; city rates range 2.4-8%
Electricity — 2.83% on electricity to farms, manufacturers, commercial laundries and dry cleaners
Natural Gas — 2.83%
Telephone Service — 3% local; 6% intrastate; $50,000 cap applies for call center operations
Unemployment Insurance Rate — 0.4% average tax rate; 1.2% new employers rate; 5.7% maximum rate (deficit employers); taxable base $15,900
North Carolina Personal Income Tax Rates
Federal Deductibility: No


State Incentives

Visit the NC Department of Commerce website to learn which state funded incentive programs you may qualify for.

One North Carolina Fund – Up to $1,000 per job for qualifying new and expanding companies
Job Development Investment Grant (JDIG) – Discretionary program for high-impact transformational projects
R&D Tax Credit — 5% on R&D expenses apportioned to North Carolina
NC Port Users Tax Credit — for users of NC ports in Wilmington or Morehead City
NC Industrial Revenue Bonds — up to $10 million per project, $40 million per company
NC Infrastructure Assistance — provides funds for construction or improvement of business site access roads and extensions or renovations of existing rail spurs
Article 3J Tax Credits — See NC Department of Commerce web link above for details