The Tax Incentives You May Not Know About

renewable_energy_tax_incentives_in_Currituck_CountySearching for a new business or commercial site in Currituck County, North Carolina isn’t complete until you understand all of the tax incentives that we offer. To make things a little easier, here is a list of just some of the incentives North Carolina offers.

Tax Credits

A thriving business climate means smart incentives. Tax credits are just one way we can help your business make a mark in Currituck. Here are some of the most important incentives you can take advantage of in North Carolina.

Article 3J Tax Credits

This program provides tax credits to qualifying businesses for job creation, investment in business property and in some cases investment in real property. These may be used to offset up to 50% of the taxpayer's state income and/or franchise tax liability, and unused credits may be carried forward for up to five years.

Interactive Digital Media Tax Credits

This provides tax credit for developing interactive digital media. North Carolina taxpayers that develop Interactive Digital Media (IDM) within the state are allowed a tax credit. Credits are awarded for taxpayer’s expenses that exceed $50,000 that are paid during the taxable year in development phases, and may not exceed $7.5 million.**

North Carolina Port Tax Credits

Business can cut payments with tax credits toward income taxes paid by businesses or individuals using North Carolina Ports facilities at Morehead City and Wilmington.

Renewable Energy Tax Credits

North Carolina’s various renewable-energy tax credits are unified into a statute that addresses nearly all renewables. The statute provides tax credits eligible for the cost of equipment and associated design; construction costs; and installation costs by a taxpayer and placed into service in North Carolina during the taxable year.

Technology Development (Article 3F) Tax Credits

Businesses with qualified North Carolina research expenses are allowed a tax credit equal to a percentage of those expenses. The allowable credits are determined by several factors including small business status and county tier.

Film Production Tax Credits

Companies that film in the region may apply for special tax credits.

Discretionary Programs

In North Carolina, several financial tax incentives programs are classified as discretionary in nature. These programs that may benefit your business include:

  • Job Development Investment Grant
  • One North Carolina Fund
  • SBIR/STTR Small Business Technology Funding
  • Site and Infrastructure Grant Fund
  • Job Maintenance and Capital Development Fund
  • Vacant Building Rehabilitation Grants
  • Railroad & Roadway Access Grants
  • Sales and use tax discounts
  • Other cost-saving programs

**Also note that expenses used to claim this credit may not be used to double claimed toward another North Carolina tax incentives program. Tax program is effective on or after January 1, 2011.


Guide to Business Benefits in Currituck County

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