Henderson County Incentive Guidelines
Used by the Henderson County Board of Commissioners in evaluating requests received for economic development incentives. The guidelines are meant to generally guide the process of determining which requests fit within the mission of Henderson County Government. Award of economic development incentives will be at the sole discretion of the Henderson County Board of Commissioners.
Article 3J Tax Credits
North Carolina offers several types of tax credits to eligible taxpayers that undertake qualifying initiatives. One of these credits, the Article 3J Tax Credits, 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. Article 3J offers credits for:
- Creating jobs- Companies who meet a minimum threshold of new fulltime jobs created during the taxable year may claim a credit.
- Investing in business property- Companies can claim a credit based on a percentage of the cost of capitalized tangible property that is placed in service during the taxable year.
One NC Fund
The One North Carolina Fund helps recruit and expans quality jobs in high value-added, knowledge-driven industries. It also provides financial assistance to those businesses or industries deemed vital to a healthy economic that are making significant efforts to expand in North Carolina. The fund currently consists of nonrecurring appropriations made by the North Carolina General Assembly for companies seeking to undertake new expansion or locate new operations in the state. The fund is designed to increase the state's competitiveness so the project location or expansion must be in competition with another location outside the state.
Companies can receive money for:
- Installation or purchase of equipment.
- Structural repairs, improvements, or renovations of existing buildings to be used for expansion.
- Construction of or improvements to new or existing water, sewer, gas, or electric utility distribution lines, or equipment for existing buildings.
Job Development Investment Grant
The State of North Carolina's Job Development Investment Grant (JDIG) is a discretionary incentive that provides sustained annual grants to new and expanding businesses measured against a percentage of withholding taxes paid by new employees.
Community Development Block Grant
For businesses that will create new jobs. NC Dept. of Commerce,
Industrial Revenue Bonds
Assist new and expanding industry while insuring that North Carolinians get good jobs at good wages. Applying industry must work through the county, a bank and the NC Dept. of Commerce.
NC Dept. of Commerce, Finance Division.
Composite Bond Program (IRB)
The NC-DOC Composite Bond Program looks to build on the already advantageous aspects of the issurance of IRBs. The program looks to bring together a group of borrowers and issue several series of bonds at one time to acheive economies of scale and reduce the issuance costs of the Bonds for each individual borrow. Ideally this program is for new or expanding industries with expected capital needs of up to $2,000,000 over the next three years.
Business Energy Loans
Provided by Energy Division for energy-related capital improvement, such as cogeneration, boiler improvements and low energy use lighting. NC Dept. of Commerce, Finance and Energy Divisions.
Rural Business Enterprise Grants
Facilitate development of small and emerging business enterprises in rural areas. USDA Rural Development: Rural Business-Cooperative Service.
Business and Industrial (B&I) Guaranteed Loan Program
For working capital, machinery and equipment, buildings and real estate, debt refinancing. USDA Rural Development: Rural Business-Cooperative Service.
Intermediary Relending Loan Program
Direct loans at 1% interest to establish revolving loan funds for businesses and community development projects in rural areas.
USDA Rural Development: Rural Business-Cooperative Service.
Certified Development Company (504 Loan) Program
Makes long term loans available for purchasing land, buildings, machinery and equipment, and for building, modernizing or renovating existing facilities and sites.
US Small Business Administration.
7(a) Loan Guaranty Program
General financing as well as more specialized loan programs, such as international trade, pollution control, minority borrowers, veterans program. US Small Business Administration.
Works through intermediaries to provide small loans to businesses. US Small Business Administration.
Provides loan capital to underserved markets and industry segments (minority, low income, rural families and entrepreneurs).
Small Business Innovation Research (SBIR) Matching Fund Program and Economic Development and Finance Program
Promotes the initiation and expansion of commercial applications of biotechnology and related biosciences in North Carolina.
North Carolina Biotechnology Center