Changes to Pro-Business Policies that Impact Growth in NC for 2015

pro-business-policies-north-carolinaNorth Carolina has long been rated among the top business-friendly environments of any state in the nation. Recent changes to tax rates, transportation, and economic development partnerships are some of the pro-business policies to entice you to locate and grow your business in North Carolina.

Economic Development Partnership of North Carolina

Founded in 2014 and centrally headquartered in Cary, the EDPNC is a clearinghouse of information and resources for North Carolina’s business owners. The EDPNC features knowledgeable staff and a comprehensive and innovative website that enables business owners to easily get the information they need to make sound business decisions.

The EDPNC provides information about:

  • The state of North Carolina - Overview, quick facts, education, workforce data, quality of life and market accessibility.
  • Location tools and data - Property listings, database of statewide inventory of industrial sites that have been pre-qualified by meeting state standards, land and occupational data.
  • Business services - Tools for starting a new business and growing an existing one, tax programs and other financial incentives, licensing and permitting info, and more.
  • Key industries - news and information about some of the state’s key economic drivers including aviation, aerospace and defense; auto, truck and heavy equipment manufacturing; biotech, pharma and life sciences; business and finance; energy; information and communications technology.

EDPNC staff are at the ready with the mission of linking new and existing North Carolina businesses to the resources they need to grow and create jobs. More than 30 on-staff professionals are assigned to business services, international trade, business links, tourism and marketing, and research, ensuring business owners have the information and resources they need to thrive.

Tax Changes

In 2013, Governor Pat McCrory signed a sweeping tax reform bill that benefitted individuals and business owners alike. Some highlights of the bill include:

Lower Personal Income Tax Rate - Previous to the reforms, a graduated tax rate was imposed that ranged from 6% - 7.75%. Under the new law, beginning with the 2014 tax year, all individuals will pay a flat tax rate of 5.75%.

Corporate Income Tax Rate - Before the law was enacted, the state corporate income tax rate was 6.9%. The law now imposes a 6% corporate tax rate for tax year 2014, which drops to 5% for 2015. The rate decreases even further, to 4%, during the 2016 tax year and down to 3% for post-2016 tax years.

Personal Income Tax Exemptions and Deductions - Personal exemptions were repealed, however, the standard deductions changed dramatically: $15,000 for joint filers (up from $6,000), $12,000 for heads of household (up from, $4,400), and $7,500 for single taxpayers and married taxpayers filing separately (up from $3,000).

These are some of the key components of the new tax laws of North Carolina designed to keep its economy strong, enabling individuals to retain more money they can spend here, and freeing up cash for businesses to reinvest in themselves.


With only 20% of its transportation budget coming from the federal government, North Carolina adjusted its state funding formula in 2013. The new formula created statewide, regional and local tiers to divide the funds, and weighted projects based on: congestion relief, per-capita population, project cost, safety, job creation, freight capacity, connecting military hubs and linking to transportation centers.

This forward-thinking approach is buttressed by increasing the ability of localities to partner with private funders to pay for needed transportation projects. The public private partnership model is already enabling the state to fund key projects like the Mid-Currituck Bridge project that links the Outer Banks with the mainland, and the Southern parallel taxiway at the Currituck County Regional Airport (ONX) to improve flow and capacity at the airport.

Featuring a AAA bond rating, low cost of living, skilled and accessible workforce, solid transportation infrastructure, and public policies that support economic growth, North Carolina is now attracting people at twice the national average. Rather than resting on these laurels, North Carolina continues to enact pro-business policies and changes to help businesses thrive.

Did you know that by moving your business across the North Carolina border, you could be saving a bundle? Check our our free guide to see if your business is a good fit for relocation.

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