North Carolina

Quick Facts

North Carolina Governor Pat McCrory

North Carolina Governor Pat McCrory

 

  • Capital: Raleigh
  • Population (2012 Est.): 9,752,073
  • Largest Cities (2012): Charlotte, 775,202; Raleigh, 423,179; Greensboro, 277,080; Durham, 239,358; Winston-Salem, 234,349
  • Targeted Industries: Business/Financial Services, Automotive/Truck & Heavy Equipment, Aerospace/Aviation & Defense, Energy, Communications & IT
  • GDP (All Industry 2012): $455.9 billion*

*Bureau of Economic Analysis, U.S. Department of Commerce

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Incentives

FINANCING

Job Development Investment Grant: Awards a limited number of cash grants directly to new and expanding businesses that will provide economic benefits to the State, and need the grant to carry out the project in North Carolina. Grants are based on the job creation and investment commitment made by companies in their formal applications to the State prior to a location decision. Grant funds are disbursed annually to approved companies based on a percentage of withholding taxes paid by new employees, following satisfaction of performance criteria set out in grant agreements.

One North Carolina Fund: Awards grants for job creation and/or retention in conjunction with local government matches.

Job Maintenance and Capital Development Fund: Provides a limited number of grants to businesses located in Development Tier 1 counties, where the business is a major employer and has at least (i) 2,000 employees, and invests at least $200 million in capital improvements, or a business that is a large manufacturing employer and has at least (ii) 320 employees, and invests at least $65 million in capital improvements to convert its manufacturing process to change the product it manufactures.

Site and Infrastructure Grant Fund: Provides assistance for site development and infrastructure improvements for very high-impact projects.

Industrial Revenue Bond (IRB) Program: Assists private business development and expansion by issuing low-interest tax-exempt bonds. It offers qualified manufacturing facilities and certain solid waste disposal facilities convenient, long-term, flexible financing. The Industrial Facilities and Pollution Control Financing Authority of each county issues these bonds in the county where the project is located. IRBs can be either tax-exempt or taxable and can be used to finance an entire project, including the cost of land, construction of new or expanded facilities, acquisition and installation of depreciable property such as equipment, and construction period interest.

Industrial Road Access Program: Administered by North Carolina’s Department of Transportation (DOT), this program provides funds for the construction of roads to provide access to new or expanded industrial facilities. An access review committee comprised of representatives of the Department of Transportation performs a technical review of a requested project and makes recommendations about traffic and safety concerns and approval is based upon the resulting economic benefits of the project including the number of new jobs created, the amount of capital investment, highway’s use and the area’s economic conditions.

Industrial Rail Access System: Administered by the North Carolina DOT for businesses that want to locate or expand their facilities in NC. This program ensures that industries have the tracks needed to transport freight and materials and also assists in refurbishing tracks. Grant funding is contingent upon approval prior to the company making a decision to locate or expand in North Carolina and a private and/or local source match of funds. Approval is also based upon the economic benefits of the project including the number of new jobs created, the amount of capital investment, rail use and the area’s economic conditions.

Foreign Trade Zones (FTZ): Neutral, secured areas legally outside of the U.S. customs territory that offer economic advantages for businesses involved in international trade. There are six FTZs in North Carolina; several subzones are also approved for use by individual manufacturers.

TAX INCENTIVES

On July 23, 2013, Governor Pat McCrory signed new tax reform legislation into law. The plan provides fiscally responsible tax relief to all North Carolina taxpayers. Income tax rates for all taxpayers will be lowered to a uniform rate of 5.8% in 2014 and 5.75% in 2015.  The corporate income tax will be reduced to 6% in 2014 and 5% in 2015. If the state meets revenue targets, the corporate income tax will drop to 4% in 2016 and 3% in 2017.

Article 3J Tax Credits: Provide tax credits to qualifying businesses for job creation, investment in business property and in some cases investment in real property.  This Article is repealed effective for business activities that occur on or after January 1, 2014.

Interactive Digital Media Tax Credit: Provides tax credit for developing interactive digital media. This credit is repealed effective for taxable years beginning on or after January 1, 2014.

N.C. Ports Tax Credits: Provide tax credits toward income taxes paid by businesses or individuals using North Carolina Ports facilities at Morehead City and Wilmington. This credit is repealed effective for taxable years beginning on or after January 1, 2014.

Renewable Energy Property Tax Credit: Provides a tax credit of 35% of the cost of renewable energy property.

Research and Development Tax Credit: Businesses with qualified NC research expenses are allowed a tax credit equal to a percentage of those expenses. The allowable credits are determined by:

  • Small Business:  Qualified small businesses on the last day of the taxable year are allowed a credit of 3.25%.
  • Low-tier research: For expenses for research performed in a Tier 1 county, a business is permitted a credit of 3.25%.
  • Other research: For expenses not cover under small business or low-tier, the credits below apply to qualified research expenses during the taxable year (click table to open new window and see detail):

Screen Shot 2013-11-08 at 4.14.15 PM

Sales and Use Tax Discounts, Exemptions and Refunds: Offers reduced rate allowances on certain parts, accessories and construction supplies for eligible industries and manufacturing processes.

Duke Energy

Stuart N. Heishman
Vice President, Economic & Business Development
526 S. Church Street (EC03ZD)
Charlotte, NC 28202
704-382-7195
stuart.heishman@duke-energy.com
www.considerthecarolinas.com

Duke Energy and Progress Energy have now combined their strengths to create a better future for all of our customers. We are now the largest electric power holding company in the United States.

Duke_Energy_logo

Winston-Salem Business Inc.

Robert Leak, Jr.
President
1080 W. Fourth St.
Winston-Salem, NC 27101
336-723-8955
fax: 336-761-1069
rleak@wsbusinessinc.com
www.wsbusinessinc.com

Located in Forsyth County in the Piedmont Triad region of North Carolina, Winston-Salem is well suited for business relocation and expansion. Winston-Salem offers a diverse demographic make-up, strong labor force, and competitive tax rates and an excellent school system.

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State Listings

  • Carolina Center for Competitive Economics

    Brent Lane
    Executive Director
    The Kenan Center, CB# 3440
    Chapel Hill, NC 27599-3400
    P: 919-962-8871
    brent_lane@unc.edu
    www.kenan-flagler.unc.edu
  • North Carolina Department of Commerce

    Tiffany McNeill
    Client Services Manager
    301 North Wilmington Street
    Raleigh, NC 27699
    P: 919-733-4977
    tmcneill@nccommerce.com
    www.thrivenc.com
  • North Carolina Economic Developers Association

    John Peterson
    Executive Director
    1201 Edwards Mill Road, First Floor
    Raleigh, NC 27607
    P: 919-882-1961
    jpeterson@capstrat.com
    www.nceda.org
  • North Carolina Indian Economic Development Initiative

    W.A. "Tony" Hayes
    CEO
    4904 Professional Court, Suite 100
    Raleigh, NC 27609
    P: 919-232-9414
    tony.hayes@nciedi.org
    www.ncindian.com
  • North Carolina Rural Economic Development Center, Inc.

    Patrick Woodie
    Acting President
    4021 Carya Drive
    Raleigh, NC 27610
    P: 919-250-4314
    pwoodie@ncruralcenter.org
    www.ncruralcenter.org
  • North Carolina State Ports Authority

    Jimmy Yokeley
    Director, Community Economic Development (Business Development Dept.)
    P.O. Box 9002
    Wilmington, NC 28402-9002
    P: 910-343-6325
    jimmy.yokeley@ncports.com
    www.ncports.com

 

Utility Listings

  • AT&T

    Venessa Harrison
    President, AT&T North Carolina
    150 Fayetteville Street, Suite 800
    Raleigh, NC 27601
    P: 704-417-7622
    venessa.harrison@att.com
    www.att.com
  • Blue Ridge Electric Membership Corp.

    Alan Merck
    Director of Key Accounts & Business Development
    1216 Blowing Rock Boulevard
    Lenoir, NC 28645-0112
    P: 828-759-8979
    amerck@blueridgeemc.com
    www.blueridgeemc.com/economic-development
  • Duke Energy

    Stuart Heishman
    Vice President, Economic & Business Development
    526 South Church Street (EC03ZD)
    Charlotte, NC 28202
    P: 704-382-7195
    stuart.heishman@duke-energy.com
    www.considerthecarolinas.com
  • ElectriCities of North Carolina, Inc.

    Brenda Daniels
    Manager, Economic Development
    1427 Meadow Wood Boulevard
    Raleigh, NC 27604
    P: 919-760-6363
    brenda.daniels@electricities.com
    www.electricities.com
  • North Carolina's Electric Cooperatives

    Eddie Miller
    Vice President of member services and community development
    3400 Sumner Blvd.
    Raleigh, NC 27616
    P: 919-875-3049
    eddie.miller@ncemcs.com
    www.ncelectriccooperatives.com/development

 

Regional Listings

  • AdvantageWest Economic Development Group

    Scott T. Hamilton
    President & CEO
    134 Wright Brothers Way
    Fletcher, NC 28732
    P: 828-687-7234
    shamilton@awnc.org
    www.awnc.org
  • Carolinas Gateway Partnership

    John R. Gessaman
    President & CEO
    427 Falls Road
    Rocky Mount, NC 27804-4808
    P: 252-442-0114
    jrgessaman@econdev.org
    www.econdev.org
  • Centralina Council of Governments

    Mike Manis
    Community & Economic Development Director
    525 North Tryon Street, 12th Floor
    Charlotte, NC 28202
    P: 704-348-2720
    mmanis@centralina.org
    www.centralina.org
  • Charlotte Regional Partnership

    David Swenson, CEcD
    Senior Vice President, Economic Development Services
    550 South Caldwell Street, Suite 760
    Charlotte, NC 28202
    P: 704-347-8942
    dswenson@charlotteusa.com
    www.charlotteusa.com
  • Fayetteville Regional Chamber

    Russ Rogerson
    Executive VP, Economic Development
    1019 Hay Street
    Fayetteville, NC 28305
    P: 910-484-4242, ext. 245
    rrogerson@fayettevillencchamber.org
    www.fayettevillencchamber.org
  • Lake Norman Regional Economic Development Corp.

    Ryan McDaniels
    Executive Director
    10115 Kincey Avenue, Suite 148
    Huntersville, NC 28078
    P: 704-992-2300
    mcdaniels@lnredc.com
    www.lakenormanregion.com
  • North Carolina's Southeast

    Joe Melvin
    Director of Business Development
    707 West Broad Street, P.O. Box 2556
    Elizabethtown, NC 28337
    P: 800-787-1333
    joem@ncse.org
    www.ncse.org
  • Piedmont Triad Partnership

    David M. Powell
    President & CEO
    416 Gallimore Dairy Road, Suite M
    Greensboro, NC 27409
    P: 336-369-2208
    dpowell@ptpnc.com
    www.piedmonttriadnc.com
  • Research Triangle Foundation of North Carolina

    Anna Penner
    Director, Business Development
    12 Davis Drive, Research Triangle Park
    Durham, NC 27709
    P: 919-549-8181
    penner@rtp.org
    www.rtp.org
  • Research Triangle Regional Partnership

    Debbie Lilly, CEcD
    VP, Business Development
    RDU Center, 1000 Trade Drive, Suite 124 (P.O. Box 80756)
    RDU International Airport, NC 27623
    P: 919-334-4072
    dlilly@researchtriangle.org
    www.researchtriangle.org
  • RowanWorks (Salisbury-Rowan Economic Development Commission)

    Robert M. Van Geons
    Executive Director
    204 East Innes Street, Suite 220
    Salisbury, NC 28144
    P: 704-637-5526
    robert@rowanworks.com
    www.rowanedc.com
  • Statesville Regional Development

    C. Michael Smith
    Executive Director
    116 North Center Street, Suite 101
    Statesville, NC 28677
    P: 704-871-1142, ext. 202
    mike@statesvilleregion.com
    www.statesvilleregion.com

 

County Listings

  • Ashe County Economic Development

    Cory Osborne
    Assistant Director of Economic Development
    150 Government Circle, Suite 2500
    Jefferson, NC 28640
    P: 336-846-5535
    cory.osborne@ashecountygov.com
    www.ashencedc.com
  • Asheville-Buncombe Economic Development Coalition

    Ben Teague
    Senior VP/Executive Director
    36 Montford Avenue
    28801 , NC Asheville
    P: 828-258-6130
    bteague@ashevillechamber.org
    www.ashevillechamber.org
  • Beaufort County Economic Development Commission

    Robert "Bob" Heuts
    Executive Director
    705 Page Road
    Washington, NC 27889
    P: 252-946-3970
    bob@beaufortedc.com
    www.beaufortedc.com
  • Burke Development, Inc. (BDI)

    Scott Darnell
    President & Executive Director
    2128 South Sterling Street, Suite 150
    Morganton, NC 28655
    P: 828-764-9370
    scott@burkedevinc.com
    www.burkedevinc.com
  • Carteret Economic Development Council

    Myles Michael Stempin
    Executive Director
    Commerce Development Center, 3615 Arendell Street
    Morehead City, NC 28557
    P: 252-222-6122
    edc@carteret.edu
    www.carteretedc.com
  • Catawba County Economic Development Corporation

    Julie Pruett
    Director, Business Recruitment
    1960-B 13th Avenue Drive SE, P.O. Box 3388
    Hickory, NC 28603
    P: 828-267-1564
    jpruett@catawbacountync.gov
    www.catawbaedc.org
  • Cleveland County Chamber of Commerce

    Michael Chrisawn
    President
    200 South Lafayette Street
    Shelby, NC 28150
    P: 704-487-8521, ext. 103
    michael@clevelandchamber.org
    www.clevelandchamber.org
  • Duplin County Economic Development Corporation

    James Wolfe
    Executive Director
    260 Airport Road
    Kenansville, NC 28349-0929
    P: 910-296-2180
    james.wolfe@duplinedc.com
    www.duplinedc.com
  • Economic Development Commission of Caldwell County

    Deborah Murray
    Executive Director
    1909 Hickory Boulevard SE, P.O. Box 2888
    Lenoir, NC 28645
    P: 828-728-0768
    dmurray@caldwelledc.org
    www.caldwelledc.org
  • Gaston County Economic Development Commission

    Donny Hicks
    Executive Director
    620 North Main Street, P.O. Box 2339
    Belmont, NC 28012
    P: 704-825-4046
    donny.hicks@co.gaston.nc.us
    www.gaston.org
  • Harnett County Economic Development Commission

    Tommy Burns
    County Manager
    102 East Front Street
    Lillington, NC 27546
    P: 910-893-7555
    tburns@harnett.org
    www.harnettedc.org
  • Haywood County Economic Development Commission

    Mark B Clasby
    Executive Director
    144 Industrial Park Dr.
    Waynesville, NC 28786
    P: 828-456-3737
    mclasby@haywoodnc.net
    www.haywoodedc.org
  • Henderson County Partnership for Economic Development

    Andrew T. Tate
    President & CEO
    330 North King Street
    Hendersonville, NC 28792
    P: 828-692-6373
    andrew@hcped.org
    www.strategiclocation.com
  • Jacksonville Onslow Economic Development

    Sheila Pierce
    Executive Director
    1099 Gum Branch Road
    Jacksonville, NC 28540
    P: 910-347-3141, ext. 228
    spierce@onslowedc.com
    www.onslowedc.com
  • Lee County Economic Development

    Jane Wesley
    Administrative Assistant
    5825 Clyde Rhyne Drive, P.O. Box 1968
    Sanford, NC 27331-1968
    P: 919-774-8439
    info@lcedc.com
    www.lcedc.com
  • Lincoln Economic Development Association

    Cliff Brumfield
    Executive Director
    502 East Main Street
    Lincolnton, NC 28092
    P: 704-732-1511, ext. 4
    cliff@lincolneda.org
    www.lincolneda.org
  • Orange County Economic Development

    Steve Brantley
    Director
    131 West Margaret Lane
    Hillsborough, NC 27278
    P: 919-245-2326
    sbrantley@orangecountync.gov
    www.co.orange.nc.us
  • Person County Economic Development

    Stuart C. Gilbert
    Director
    304 South Morgan Street
    Roxboro, NC 27573
    P: 336-597-1752
    sgilbert@personcounty.net
    www.personcounty.net
  • Rutherford County Economic Development Commission

    Matt Blackwell
    Executive Director
    142 East Main Street, Suite 100
    Forest City, NC 28043
    P: 828-248-1716
    matt.blackwell@rutherfordcountync.gov
    www.rutherfordncedc.com
  • Stokes County Economic Development

    Alan Wood
    Director
    1014 Main Street
    Danbury, NC 27016
    P: 336-593-2496
    adwood@co.stokes.nc.us
    www.stokesedc.org
  • Surry County Economic Development Partnership, Inc.

    Todd Tucker
    President
    118 Hamby Road, Suite 146, P.O. Box 1282
    Dobson, NC 27017
    P: 336-401-9900
    toddtucker@surry.net
    www.surryedp.com
  • Wake County Economic Development (WCED)

    Kenneth M. Atkins, CEcD
    Executive Director
    800 South Salisbury Street, P.O. Box 2978
    Raleigh, NC 27602-2978
    P: 919-664-7041
    katkins@raleighchamber.org
    www.raleigh-wake.org
  • Wilkes Economic Development Corporation

    Jeff Garstka, CEcD
    President
    213 Ninth Street
    North Wilkesboro, NC 28659
    P: 336-838-1501
    jgarstka@wilkesedc.com
    www.wilkesedc.com

 

City Listings

  • Cary Chamber of Commerce

    Sandy Jordan
    VP, Economic Development
    307 North Academy Street
    Cary, NC 27513
    P: 919-467-1016
    sjordan@carychamber.com
    www.carychamber.com
  • Charlotte Chamber of Commerce

    Jeffrey L. Edge, CEcD
    Senior Vice President, Econ. Dev.
    330 South Tryon Street, Suite 200
    Charlotte, NC 28202
    P: 704-378-1307
    Jedge@charlottechamber.com
    www.charlottechamber.com
  • Charlotte Economic Development Committee

    Ron Kimble
    Deputy City Manager
    600 East 4th Street
    Charlotte, NC 28202
    P: 704-336-7600
    rkimble@charlottenc.gov
    www.charmeck.org/city/charlotte/focusareas/economicdevelopment
  • Durham Office of Economic & Workforce Development

    Kevin Dick
    Director
    302 East Pettigrew Street, Suite 190
    Durham, NC 27701
    P: 919-560-4965, ext. 15219
    kevin.dick@durhamnc.gov
    www.durhamnc.gov
  • Greensboro Economic Development Alliance

    Dan Lynch
    President
    342 North Elm Street
    Greensboro, NC 27401
    P: 888-693-6939
    dlynch@greensboro.org
    www.greensboroeda.com
  • Monroe Economic Development

    R. Christopher Plate
    Director
    3900 Paul J. Helms Drive
    Monroe, NC 28110
    P: 704-282-5780
    cplate@monroenc.org
    www.developmonroe.com
  • Mooresville South Iredell Economic Development Corporation

    Robert J. Carney
    Executive Director
    151 East Iredell Avenue
    Mooresville, NC 28115
    P: 704-664-6922
    robby@edcmooresville.org
    www.edcmooresville.org
  • Raleigh Economic Development

    James Sauls
    Executive Director
    800 South Salisbury Street (P.O. Box 2978)
    Raleigh, NC 27601
    P: 919-664-7049
    jsauls@raleighchamber.org
    www.raleigh4u.com
  • Town of Holly Springs

    Jenny Mizelle, CEcD
    Economic Development Director
    128 South Main Street, P.O. Box 8
    Holly Springs, NC 27540
    P: 919-557-3906
    jenny.mizelle@hollyspringsnc.us
    www.hollyspringsnc.org
  • Winston-Salem Business Inc.

    Robert Leak, Jr.
    President
    1080 W. Fourth St.
    Winston-Salem, NC 27101
    P: 336-723-8955
    rleak@wsbusinessinc.com
    www.wsbusinessinc.com