Article 3J Tax Credits
The Article 3J Tax Credits legislation provides three types of tax credit incentives for eligible new and / or expanding businesses. To be considered eligible, “the primary activity at the businesses establishment” must involve: “aircraft service and repair; air courier service hub; company headquarters creating at least 75 new headquarters jobs; customer service call centers; electronic shopping and mail order houses; information technology and services; manufacturing; motor sports facility; motor sports racing team; research and development; warehousing; and wholesale trade.”
In Wilkes County, eligible businesses could qualify for up to $14,500.00 tax credit for each full-time job created and up to 7% tax credit on business property investments. Note: additional eligibility requirements apply. For full details of the State of North Carolina’s Article 3J Tax Credit incentives, please refer to the NC Department of Commerce Web site at the link provided below.
Industrial Revenue Bonds
Industrial Revenue Bonds (IRBs) or Industrial Development Bonds may be used by companies engaged in some type of manufacturing for the acquisition of real estate, facility construction, and / or equipment purchase. IRBs fall under three issuance types: Tax Exempt, Taxable, and Pollution Control / Solid Waste Disposal Bonds. Regulations governing bond issuance are a combination of federal regulations and North Carolina statutes. For more information on the Lee Act Tax Credits please refer to the NC Department of Commerce Web site at the link provided below.
Job Development Grant Program
During the 2002 Legislative Session, North Carolina adopted a new job development grant program. Only 15 individual grants will be given per year at a maximum total of $10 million per year. Incentives will be given on a case by case basis and will be based on income taxes paid by the company’s new employees. For more information on the Job Development Grant Program please refer to the NC Department of Commerce Web site at the link provided below.
For more information on state incentives visit the NC Department of Commerce Finance Center.
Wilkes County Incentives
Wilkes County incentives are among some of the most innovative in North Carolina today. Businesses in eligible categories can be eligible for performance-based incentives which can be very lucrative. In addition, set-asides for industrial space and infrastructure extensions in Wilkes County’s industrial parks are possible, depending on the category, size, and impacts of the business on Wilkes County economy.