Locating a new company or expansion business in Currituck County, North Carolina is not only good for business, it’s smart to save on taxes too.
Currituck has one of the lowest local tax burdens in North Carolina and is much lower than our neighboring state of Virginia. And, because Currituck is unincorporated, all business, personal and real property is taxed at the same low rate.
Those are big tax breaks any business can appreciate.
North Carolina Lowers Corporate Tax Rate
In 2013, the state of North Carolina reformed their tax code with a single income tax rate, an increased standard deduction and fewer tax breaks, as well as the elimination of the personal exemption and a $50,000 deduction for small business owners. It also repealed the state's estate tax. All of this adds up to an appealing financial climate for new or expanding businesses.
In 2014, the North Carolina corporate income tax was reduced to 6% from 6.9%.
It dropped to 5% in 2015 and 4% in 2016.
In 2017, it fell to 3%.
North Carolina's corporate tax rate is the lowest of any state levying a corporate tax, according to the Tax Foundation, and is set to be reduced to 2.5% in 2019.
Compare Tax Rates to Hampton Roads
With these changes, our tax rates are now lower than those in the Hampton Roads region. In fact, they are much lower. So, businesses can save real money when they locate to Currituck.
All values expressed per $100 of valuation.
Currituck County Pro-Business Policies
In addition to these tax breaks, North Carolina also encourages new and expanding businesses with tax credits and exemptions, facilities development grants and workforce training programs. This coastal right-to-work state also has many pro-business policies such as Job Development Investment grants, which refunds employees withholding taxes and Community Development Block grants for infrastructure costs.