Both Wilkes County and the towns of Wilkesboro and North Wilkesboro have instituted performance-based incentive programs which are directly linked to both the capital and labor investments in the community. For example, a project with $1,000,000 investment would return a minimum incentive equal to 65% of new property taxes generated by the project for 2 years. This represents a minimum threshold projects and the lowest level of corresponding incentives.

Additionally, each of the governing entities established their respective incentives policies as non-ratified guidelines. The result is that the communities and the County have the latitude to increase incentives proportional to each project’s overall economic impact, number of jobs created, contribution to the area’s economic diversity, etc.

State Incentives

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; motorsports facility; motorsports racing team; research and development; warehousing; and wholesale trade.”

In Wilkes County, eligible businesses could qualify for up to $5,000.00 tax credit for each full-time job created and up to 5% 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