Currituck and North Carolina combine for a solid one-two punch when it comes to bottom-line tax impact for businesses. It’s not until you crunch the numbers behind tax rates by state that it’s completely apparent that Currituck County is more than another pretty potential site for a company to start up or relocate. Looking at the big picture of location, financial incentives and existing infrastructure makes Currituck an obvious choice for the key business decision makers charged with site selection.
A Closer Look at Tax Rates by State and City
It’s one thing to stop and stare at Currituck’s local tax rate, which is among the most competitive in North Carolina and neighboring Virginia. But to truly do the math is even more impressive. For example, the tax rate in nearby Hampton, Va. is 13 times that of Currituck’s rate.
Here is a look at how the tax rates compare:
Virginia Beach: $3.70
Newport News: $4.25
The rate of 48 cents per $100 valuation attributed to all personal, business and real property holdings is owed to Currituck being fully unincorporated.
On top of that, North Carolina is in the process of lowering its corporate tax rate. While the current rate of 6.9 percent sits in the middle of the pack for the 50 U.S. states, the rate is set to drop to 6 percent on Jan. 1, 2014, and then bottom out at 5 percent on Jan. 1, 2015.
The Price of Doing Business … Is Less
Look beyond the tax rates by state and you’ll find a host of other incentives for doing business in Currituck.
Below is a breakdown of several initiatives aimed at rewarding companies (and their residents) who choose to relocate or start up in Currituck and throughout North Carolina:
One North Carolina Fund: Offers financial assistance in the way of grants for companies identified to be vital to keeping the state healthy. Covered expenses include renovations to existing structures and utilities, as well as equipment purchases.
Job Development Investment Grant: Eligible companies are reimbursed for employee withholding taxes.
Veterans Benefit: North Carolina veterans are not taxed for their military pensions.
Additional County Support: Currituck works to support or expand infrastructure to serve as business, and to provide local tax relief for major capital investment.
Reviewing tax rates by state, county as well as other financial programs should play a critical role when it comes to business site selection. With Currituck, companies capture that unique combination of the pretty view and attractive savings.