| State: |
NC |
| Incentive Type: |
Income/Franchise Tax Incentives and Credits |
| Incentive Title: |
Property Tax Credits |
| Description: |
REAL PROPERTY TAX CREDIT - Eligible businesses may qualify for a credit of 30% of the company's eligible investment in such items as land, infrastructure and construction of buildings and fixtures. The credit is based on location and is taken in equal installlments over 7 years. Unused credits may be carried forward for 20 years. This credit, being part of the William S. Lee Act, has been replaced with a new system of credits beginning January 1, 2007. The earlier credits are available for the 2007 tax year only if a company signs a letter of commitment with the Department of Commerce prior to December 31, 2006. The only changes in the new credit is a change in eligible locations and the carry-forward period is limited to 15 years. |
| Eligibility Requirements: |
Must invest a minimum of $10 million in real property. Must hire a minimum of 200 workers over a two-year period. Must have a certification by the Secretary of Commerce. |
| Geographic Restrictions: |
Statewide: Tier 1 and Tier 2 Counties |
| Granting Authority: |
State of North Carolin |
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