Incentives
Business Taxes
Corporate Income Tax — 2.5% as of 2019
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
Local Incentives
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.
Is your project eligible for the BIP?
BIP are awarded based the following:
- Location of the project
- Number of new jobs created in the community
- Level of investment made in the community
Additional Local Incentives
- Utility Rate Discounts
- Customized Training Program
State Incentives
Job Development Investment Grant Program (JDIG)
JDIG is a performance-based, discretionary incentive program that provides cash grants directly to a company, when the company creates jobs and invests in the state.
Is your project eligible for the JDIG?
JDIG awards are calculated by several factors, including:
- Location of the project
- County tier designation
- Number of net new jobs created in the state
- Wages of the jobs
- Level of investment made in the state
- Company’s industry sector, and the industry’s alignment with the state’s targeted industry sectors
One North Carolina Fund Grant Program (One NC)
OneNC is a discretionary cash-grant that allows the Governor to respond quickly to competitive job-creation projects.
Is your project eligible for the OneNC?
OneNC awards are based on:
- Number of jobs created
- Level of Investment
- Location of the project
- Economic impact of the project
- Importance of the project in the state and region
- Availability of local match
For more information on incentives, reach out to Ryan McDaniels.