New Biz Tax Incentives Bill Unveiled
Lawmakers in Raleigh have unveiled a bill which would greatly increase the money the state can use to lure companies to relocate or expand in North Carolina.
For much of this year Governor Pat McCrory has been asking lawmakers to increase these tax incentives. The House agreed, the Senate balked.
Now the two chambers have compromised.
The bill would allocate $10 million every six months to an incentive pool. Any unspent money would stay in that pool. And it would allow an extra $15 million per year if North Carolina lands what’s known as a high-yield project. One where the business invests more than half a billion dollars and hires 1,750 workers in the state, think automobile manufacturer.
The bill also does three things that should make some in Mecklenburg County happy. It extends the sales tax exemption for NASCAR teams, includes no limits on how much incentive money can be put to use in urban counties like ours and it eliminates a sales tax on commercial aviation fuel. That’s something American Airlines has been pushing this session.
The measure is expected to be voted on early next week.