What kind of tax incentives are available to businesses?

In North Carolina, businesses have access to a variety of tax incentives that can help them reduce their taxes. The Economic Development Investment Program (EDIP) offers one of the most popular tax incentives. This program allows companies to receive a portion of their taxes back, based on the investment they make in the state. Companies may receive refunds of up to 75% of the state taxes they pay, if they meet certain criteria. The Job Development Investment Grant (JDIG) is another incentive that offers businesses refunds on taxes they pay when they create new jobs. Eligible companies can be refunded up to 85% of their state taxes when they create jobs that pay a certain minimum wage and benefit the state’s economy. North Carolina also offers businesses tax credits for certain activities, such as donating to charity and investing in research and development. The Research and Development Tax Credit, for example, offers businesses a tax credit of up to 50% of qualified research and development expenses. Finally, the New Markets Tax Credit Program allows businesses to receive a credit against their taxes if they invest in certain North Carolina Qualified Businesses. This credit is equal to 39% of the amount they invest, and it can be used to offset their taxes. By taking advantage of these incentives, businesses in North Carolina can reduce their taxes and put their money to better use.

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What kind of tax incentives are available to businesses?

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