Taxes & Incentives

 

North Carolina’s targeted, performance-based incentive programs help companies that are locating and doing business in North Carolina by lessening the tax burden and lowering overall costs to the company. There are many programs that a company can utilize that will help lower their costs and provide opportunities for growth. Our local and state tax rates are competitive with many other states and local areas. In fact, North Carolina has the lowest corporate tax rate in the United States! 

Click through the tabs to see all the great programs offered to businesses in North Carolina.

North Carolina Incentives
State & Local Taxes
Workforce Development Incentives

North Carolina’s targeted, performance-based incentive programs help companies that are locating and doing business in North Carolina by lessening the tax burden and lowering overall costs to the company.

County Tier System

County Tier Designations

The North Carolina Department of Commerce annually ranks the state’s 100 counties based on economic well-being and assigns each a tier designation. The 40 most distressed counties are designated as Tier 1, the next 40 as Tier 2 and the 20 least distressed as Tier 3. This tier system is incorporated into various state programs to encourage economic activity in the less prosperous areas of the state.

Discretionary Grants

Job Development Investment Grant

The Job Development Investment Grant (JDIG) is a performance-based, discretionary incentive program that provides cash grants directly to new and expanding companies to help offset the cost of locating or expanding a facility in the state. The amount of the grant is based on a percentage of the personal income tax withholdings associated with the new jobs.

One North Carolina Fund

The One North Carolina Fund (OneNC) is a discretionary cash-grant program that allows the Governor to respond quickly to competitive job-creation projects. 

Transformative Project – Job Development Investment Grant

The Job Development Investment Grant (JDIG) is a performance-based, discretionary incentive program that provides cash grants directly to new and expanding companies to help offset the cost of locating or expanding a facility in the state. The amount of the grant is based on a percentage of the personal income tax withholdings associated with the new jobs.

 

 

Economic Development Partnership of North CarolinaNorth Carolina Department of Commerce

While all property (real and personal, including intangibles) is subject to local taxes in North Carolina, inventories of manufacturers are specifically exempt. In the Carolinas Gateway Partnership area, taxes on real estate typically equate to no more than 1.5% annually on market value.

Property Taxes for 2017-18 (per $100 valuation)

Edgecombe County           $.95
Town of Tarboro                 $.41
Town of Pinetops               $.33
Town of Macclesfield         $.37
Town of Whitakers             $.72
Town of Conetoe               $.19
Town of Speed                  $.38
Nash County                     $.67
City of Rocky Mount          $.66
Town of Nashville              $.56
Town of Sharpsburg          $.65
Town of Spring Hope         $.63
Middlesex                          $.57
Town of Bailey                   $.61

Sales Tax 

Nash County       
State 4.75%
Local 2.0%

Edgecombe County
State 4.75%
Local 2.25%

NC Corporate Income Tax 2.5%

Lowest Corporate Tax Rate in the United States!

Colleges

This area affords unlimited possibilities for obtaining higher and continuing education and/or workforce training. Both Edgecombe Community College and Nash Community College provide a variety of educational programs designed to broaden the educational scope of a changing community. Both are comprehensive community colleges offering a wide range of academic and vocational programs that prepare students for entry into skilled occupations, and enhance personal, social, and economic potential while fulfilling the workforce needs of the community. Both colleges not only have strong relationships with area industries, they have formed a variety of partnerships with the area's public schools such as Tech Prep and cooperative programs. The Tech Prep Program was developed to guide students into course studies from high school preparation to Associate in Applied Science Degrees. It is these kinds of partnerships and interdependence that make this community strong.

North Carolina Wesleyan College

North Carolina Wesleyan College is a 4-year coeducational liberal arts college with approximately 1200 traditional students. The college conducts cutting edge research in biotechnology and molecular biology. Because of its small size, the students find it easy to get involved in co-curricular activities and developing valuable teamwork and leadership skills while pursuing continuing education.

Gateway Technology Center

The Gateway Technology Center is an educational hub center created to enhance Rocky Mount's access to the renowned University of North Carolina System and its 17 affiliated universities. The Center houses the Collaborative, NC State & East Carolina Universities as well as Fayetteville State University who are hosting masters' level courses as well as K-12 enrichment programs at the Center. The Center is located on the campus of NC Wesleyan College.

Shaw University

An extension of Shaw University located in Raleigh, the Rocky Mount campus offers a new design for teaching and learning through the Center for Alternative Programs for Education (CAPE). This program offers opportunities to those unable to attend traditional institutions of higher education and those who desire an education while continuing in the workforce.

Area Colleges and Universities

Other colleges and universities located within a short drive of the Carolinas Gateway Partnership region include: