Taxes & Incentives
There are a number of performance-based incentive programs designed to support major relocation and expansion projects. These projects expand the tax base, provide quality jobs for Davie County residents, promote economic development, and help provide a more secure economic future for the region. We will be glad to work with you to assemble the right combination of local, state, regional, and federal incentives to lower the overall costs of doing business in Davie County.
There are a variety of programs available to assist private businesses in Davie County. Eligibility to participate in these programs is typically based on a business’s ability to make a positive impact on the local or regional economy.
While some of these programs are designed to provide government-funded infrastructure improvements, there are also economic development grants that come in the form of low-interest loans to private businesses for investments that result in positive economic development.
Incentives are developed and evaluated based on the amount of the investment and the number of jobs created. Click here to view the incentives that may be available to your business. The Davie County Economic Development Commission will be happy to speak with you about suitable incentive packages for local business investment.
Job Development Investment Grant (JDIG)
JDIG is a performance-based, discretionary incentive program that provides cash grants to new and expanding businesses to help offset the cost of locating or expanding a business facility in North Carolina. Companies can qualify for a JDIG based on the project location, the number of net new jobs, average wage, level of investment made in the state, alignment with the state’s targeted industry sectors. The grant amount is based on a percentage of the personal income tax withholdings associated with the new jobs. Grant funds are disbursed annually, for up to 12 years, to approved companies following the satisfaction of performance criteria set out in grant agreements. The project must be competitive with locations outside North Carolina and remain competitive until the grant is formally awarded. A company can use JDIG funds for any purpose.
One North Carolina Fund (One NC)
The One North Carolina Fund (OneNC) is a discretionary cash-grant program that allows the Governor to respond quickly to competitive job-creation projects. One NC requires a local match. Awards are based on the number of jobs created, investment level, project location, and economic impact of the project.
In order for a project to be considered for OneNC, the following criteria must be met:
- The project must be competitive with locations outside North Carolina and remain competitive until the grant is formally awarded.
- The project must meet the county average wage requirement.
- The company must provide health insurance and pay at least 50% of the premiums for participating employees.
- The company must meet statutory occupational safety and environmental compliance requirements.
Awards may be used for improvements such as installation or purchase of equipment; structural repairs, improvements, or renovations of existing buildings; and construction or improvements to utility lines and associated equipment for existing buildings or new or proposed buildings to be used for manufacturing and industrial operations.
Public Infrastructure & Transportation Programs
North Carolina offers a number of different programs to fund public infrastructure development, including the Community Development Block Grant (CDBG) Economic Development Program, Golden LEAF Infrastructure Grants, Utility Account, Rural Division’s Economic Infrastructure Program, NCDOT’s Rail Industrial Access Program, North Carolina Railroad Company NCRR Invests program, and the NC Department of Commerce’s Joint Economic Development Program with the NCDOT.
Building Reuse Programs
North Carolina offers two different programs to provide grants to renovate and upfit vacant industrial and commercial buildings, including the Community Development Block Grant Building Reuse Program and the Rural Division’s Building Reuse Program.
Workforce Development & Training Programs
No state has greater long-term experience with successful workforce solutions than North Carolina. Its world-class educational system of colleges and universities ensures a robust pipeline of candidates in fields ranging from finance to nanotechnology. Its award-winning community college system provides state-of-the-art training customized to meet an employer’s specific needs. North Carolina’s workforce development system—one of the most comprehensive in the nation—brings employers and employees together by managing recruiting, screening and other necessary pre-employment assessments, and customized training.
These are some of the many incentives offered by the state of North Carolina. More information about these and other programs can be found in the North Carolina 2021 Incentives Brochure. Click to read or download the brochure.
Tax & Other Cost Savings
North Carolina offers a variety of ways to reduce business taxes and other costs, each tailored to specific situations that may apply to your company.
Of the 44 states that levy a corporate income tax, North Carolina has the lowest rate at 2.5%. The personal income tax rate is a flat rate of 5.25%. In 2019, North Carolina had the 6th lowest commercial and 10th lowest industrial effective property tax rates in the United States. Real and personal property are only taxed by the local government, with a single property tax assessment in each county. North Carolina offers a number of property tax exemptions as well as sales and use tax exemptions.
These tax and cost savings programs are also detailed in the North Carolina 2021 Incentives Brochure. Click below to download to read the brochure.
For more information, contact Terry Bralley, President of the Economic Development Commission.
Terry Bralley, President
Davie County EDC
135 South Salisbury St. Mocksville, NC 27028