Through our financing and incentive programs, LNEDC staff works with businesses considering a location or expansion in the region, drawing on a range of private and public financing options. LNEDC has the relationships and expertise to connect businesses with venture capital resources, private sources of capital and financing, and federal, state and local government financing and incentive programs.
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 — 3% as of 2017
Sales & Use Tax — 4.75% statewide with a local rate of 2.5% on transactions (combined 7.25% 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%
Federal Deductibility: No
Job Development Investment Grant Program (JDIG)
This program serves as a deal-closing incentive for large job creation projects and will rebate a negotiated portion of a company’s withholding taxes generated by the new project over a set
number of years not to exceed 12 years. Projects must create a minimum of 250 new jobs and pay a minimum average annual wage of $60,000. The JDIG program also requires that the local government in the community where the project intends to locate also participate with a local grant to be determined based on the specifications of the project.
One North Carolina Fund Grant Program (One NC)
The One NC program also serves as a deal-closing incentive for large job creation prospects that may not qualify for a JDIG. It offers a specific grant amount per new job created by the project. This program also requires a matching grant amount from the local government where the project intends to locate based on the specifications of the project. Customized Workforce Training Assistance North Carolina was one of the first states to develop a customized workforce training program through its community college system. This program is regarded as one of the top in the nation in meeting the needs of new and expanding companies. Administered in Mecklenburg County by Central Piedmont Community College, the
program is available to both new and expanding companies that are creating new jobs, making an appreciable capital investment, or may be deploying new technology in their facility. Eligible businesses include manufacturing, distribution centers, air courier services, customer support centers, national headquarters and technology intensive operations in the IT and life sciences sectors.
Utility Rate Discounts
The utility companies that service the three towns may offer discounts to new and expanding companies that add significant service to the utility’s system. The economic development
group will work with client companies and representatives of the utility companies to determine the applicability of these programs.
Local Business Investment Grant Program (BIP)
The BIP is designed to encourage job creation and capital investment in Lake Norman. Qualifying projects that meet the requirements may receive a cash grant over a specific number of
years. The program also requires that the project be competitive and that the grant is a determining factor in the company choosing to locate in the three towns versus other locations outside the county. Projects locating within the BIP zone that invest a minimum of $3 million and create a minimum of 20 new full-time positions paying an average wage of $48,297 or higher may qualify for the BIP. For more information, please contact LNEDC.
Visit the NC Economic Development Partnership website to learn more about state funded incentive programs you may qualify for.
8600 Sam Furr Road, Suite 100
Huntersville, NC 28078