These are just a few reasons CEO's say North Carolina has America's best business climate:
- The largest manufacturing workforce in the Southeast
- The highest worker productivity rates among the top 10 industrial states
- Excellent financial incentives (see below)
- The lowest unemployment insurance rates in the country
- Right to work laws
- A triple A bond rating for the last 35 years; plus one-forth of all state and local governments in the U.S. with Triple A credit ratings are in North Carolina
- Internationally recognized public and private universities as well as one of the nation's leading community college systems with 58 campuses statewide
- The nation's only switched broadband fiber optic network for business
- The second largest financial center in the U.S.
- The largest state maintained highway in the country
- A Business Court with judges knowledgeable in business law who can efficiently render case decisions
LOCAL INCENTIVESThe Carolinas Gateway Partnership is a public private corporation formed to promote economic development in Nash and Edgecombe Counties. The Partnership works closely with the local jurisdictions in the two-county region in developing financial packages for industries which are expanding or relocating to the area. The amount and type of financial assistance is based on capital investment and job creation. These local programs are in addition to significant state job and investment tax credit and training programs.
QUALIFICATION FOR INCENTIVES THROUGH THE PARTNERSHIP
The expanding or relocating industry must create a minimum of $5 million in new private investment and 50 new jobs. Generally, the industry must meet the qualifications of the State's "Quality Jobs Act" to qualify for Partnership incentives.
Qualified industrial prospects may be eligible for area industrial park locations, where participation in land cost reduction is possible.
In addition to the State programs for worker training, supplemental funds are available for advanced programs for eligible professional and technical workers.
Funds are available for relocation of professional and technical workers. Funds are very limited, and are provided based on the salary levels of relocating workers. Also, programs are available for "worker relocation briefings" at the site of choice of the industry. "Trailing spouse" programs are available as well.
CASH GRANTS FOR EQUIPMENT REDESIGN AND PROCESS ENGINEERING
Some industries may require unique solutions to particular manufacturing processes. This is particularly true of expanding industries. Provided that the industry qualifies on the basis of capital investment and job creation, cash grants are available for design and purchase of new capital equipment.
INDUSTRIAL DEVELOPMENT BOND FINANCING
IDB financing is available through local governmental units.
For more information, contact:
427 Falls Road
Rocky Mount, NC 27804-4808
STATE INCENTIVESNorth Carolina has recently announced five new incentives that will save businesses millions of dollars:
- Investment Tax Credit - If your company purchases machinery and equipment over a certain threshold, you'll receive a 7% tax credit.
- Job Creation Tax Credit - For each new job your company creates, you'll receive a tax credit, ranging from $500 to $12,500 per job created.
- Worker Training Tax Credit - You can receive an annual credit of $500 to $1,000 per employee you train.
- Research and Development Tax Credit - You can receive a credit equal to 5% of your R&D expenditures in North Carolina.
- Business Property Tax Credit - A 4.5% credit is available for purchases of up to $100,000 in business property per year.
For more information on state incentives, click on the links below: