Article 3J Tax Credits
Provide Article 3J Tax Credits to qualifying businesses for job creation and investment in business property. These credits (taken in equal installments over four years) 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.
- Creating Jobs Companies who meet a minimum threshold of new fulltime jobs created during the taxable year may claim a credit. In Sampson County, the job creation credit is $5,000 for each new job (minimum of 10) created paying wages 100% of the applicable wage standard.
- Investing in Business Property Companies can claim a credit based on a percentage of the cost of capitalized tangible personal property that is placed in service during the taxable year. In Sampson County, the investment tax credit is 5% of the purchase or lease cost of new machinery and equipment, above an investment threshold of $1,000,000.
NC Ports Tax Credits
Businesses who pay North Carolina state income tax and use North Carolina Ports (Wilmington and Morehead City) can qualify for tax credits on outbound cargo.
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 a tax credit of 35% of the cost of renewable energy property constructed, purchased or leased by a taxpayer and placed into service in North Carolina during the taxable year.
Job Development Investment Grant
The Job Development Investment Grant (JDIG) is a discretionary incentive that provides a limited number of sustained annual grants to new and expanding businesses measured against a percentage of withholding taxes paid by new employees. JDIG awards typically only go to the largest economic development projects that provide significant benefits to the State of North Carolina.
One North Carolina Fund
The One North Carolina Fund helps recruit and expand quality jobs in high value-added, knowledge-driven industries. It also provides financial assistance to those businesses or industries deemed vital to a healthy economy that are making significant efforts to expand in North Carolina. This grant must be used in conjunction with local government matches.
Sampson County and the City of Clinton have the ability to offer eligible new and expanding industries incentives based on capital investment and new job creation. The incentives are reviewed on a case-by-case basis. Sampson County & City of Clinton Incentive Policie Overview For more information contact the Sampson County Economic Development Commission at 910-592-8921 or email@example.com.
NC Rural Economic Development Center Programs
Building Reuse Initiative
The Building Reuse and Restoration Grant Program helps local governments prepare the buildings for reuse by new and expanding businesses. The Rural Center oversees the program on behalf of the N.C. General Assembly.
NC Microenterprise Loan Program
The Microenterprise Loan Program works with individuals who have sound ideas for starting or expanding a small business but do not qualify for bank loans. These individuals may include women, minorities, people with low incomes and limited assets, and people who live in rural areas. This program provides loans up to $25,000 in combination with business planning and technical assistance. Technical assistance is offered in partnership with small business centers located at area community colleges and small business technology development centers.
Rural Venture Fund
The Rural Venture Fund offers a new source of capital for small businesses seeking to expand in North Carolina's poorest counties. The investments, including equity and subordinated debt, carry the expectation of a return, but on less demanding terms and over a longer period of time than available with traditional business financing. Through their growth, qualifying businesses will help create jobs and build wealth where they are needed most. As part of the program, the Rural Center will assist clients in the successful management of their long-term growth.
Other State Programs
Industrial Revenue Bond Program
Industrial Revenue Bonds (also called industrial development bonds, IDBs, IRBs and qualified small issue bonds) offer qualified manufacturing facilities and certain solid waste disposal facilities convenient, long-term, flexible financing. They assist new and expanding industry in all 100 counties, while also providing workers with high-quality jobs. Due to the complexity and documentation associated with revenue bonds, a business should consult early in the process with an attorney who specializes in revenue bonds (bond counsel).
Recycling Business Assistance
The Recycling Business Assistance Center offers information about a variety of opportunities available to businesses involved with recycling in North Carolina, including grants, tax credits and loans.