Incentives and Taxes
Nash County offers a highly competitive business environment at a favorable cost. The county is a leader in new business activity thanks in part to its pro-growth attitude. State and county incentives as well as a favorable tax structure makes the county an attractive place to do business for companies of all sizes.
North Carolina’s performance-based incentive programs help companies that are locating and doing business in the state by reducing the tax burden and lowering overall costs to the company.
County Tier Designations
The North Carolina Department of Commerce annually ranks the state’s 100 counties based on economic well-being and assigns each a tire designation. The tier system is incorporated into state programs to encourage economic activity in the counties. Nash County is a Tier One designation which is the most lucrative status when applying and qualifying for North Carolina incentives.
Job Development Investment Grant
The (JDI) investment grant is a performance-based incentive program that provides cash grants directly to new and expanding companies to help offset the cost of locating or expanding a facility in the state. The amount of the grant is based on a percentage of the personal income tax withholdings associated with the new jobs.
One North Carolina Fund
One NC is a discretionary cash-grant program that allows the Governor to respond quickly to competitive job-creation projects.
Job Development Investment Grant (Transformative Project)
The (JDIG) investment grant is a performance-based incentive program that provides cash grants directly to new and expanding companies to help offset the cost of locating or expanding a facility in the state. The amount of the grant is based on a percentage of the personal income tax withholdings associated with the new jobs.
The JDIG has a Transformative Project provision for any company that creates 3,000 jobs and invests one billion dollars, which can provide a grant worth up to 90% of personal income withholdings for up to 30 years.
North Carolina incentives: https://edpnc.com/why-north-carolina/incentives/.
There are a number of local incentive programs available to qualifying companies looking to invest in Nash County.
A 50% percentage reimbursement of real and business personal property taxes associated with new construction and equipment for five years.
Nash County Tier One
The North Carolina Department of Commerce tier system is incorporated into various state programs to encourage economic activity in certain areas of the state. Nash County is designated as Tier One which is the most lucrative status when applying and qualifying for North Carolina incentives.
Industrial Land Discounts
Reduction in the sale price of county owned land.
An Opportunity Zone is a program to attract investment capital into low-income areas of the county. Opportunity Zones offers qualified investors certain tax benefits when they invest unrealized capital gain into the designated area of the county.
Workforce Development and Training
Turning Point Workforce Development Board/NC Works and Nash Community College provides no-cost customized employee recruitment, screening, training development, and training delivery for eligible new or expanding businesses.
Foreign Trade Zone
The NC FTZ #214 offers individuals and businesses in Nash County the opportunity to import foreign goods and raw materials into a duty-free zone. FTZs allow companies dealing in foreign trade to delay payment of U.S. Custom’s import duties until their goods and merchandise actually enter U.S. commerce.
There are many other benefits of doing business in Nash County to fit the needs of your project. Contact us for additional information.
Low cost of doing business in Nash County
North Carolina and Nash County understand the need for a stable, business-friendly and transparent tax structure. Nash County’s cost-effective tax structure makes it a choice location for any company looking to establish a presence or expand their foot-print.
Property Tax (per $100 Valuation)
|Town of Nashville||$0.56|
|Town of Spring Hope||$0.63|
|Town of Middlesex||$0.57|
|Town of Bailey||$0.61|
|City of Rocky Mount||$0.66|
North Carolina Corporate Income Tax – 2.5% (Lowest Corporate Tax Rate in the Unites States)