2012 Economic Incentives Report
2012 Economic Incentives - Overview
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|Reports of Credits Taken or Refunds Claimed||Number of Taxpayers||Credits Taken/ Refunds Claimed||Sunset for Generating Credits or Refundable Purchases||Statute||DOR Tax Forms Required|
|Creating Jobs (Article 3A)||309||7,395,889||January 1, 2007||§ 105-129.8||NC-478; NC-478A|
|Machinery and Equipment Investment (Article 3A)||682||46,915,007||January 1, 2007||§ 105-129.9||NC-478; NC-478B|
|Research and Development (Article 3A)||91||3,508,152||January 1, 2007||§ 105-129.10||NC-478|
|Worker Training (Article 3A)||11||466,545||January 1, 2007||§ 105-129.11||NC-478; NC-478E|
|Investing in Central Office or Aircraft Facility (Article 3A)||22||789,214||January 1, 2007||§ 105-129.12||NC-478|
|Technology Commercialization (Article 3A)||3||2,195||January 1, 2007||§ 105-129.9A||NC-478|
|Substantial Investment in Other Property (Article 3A)||5||2,197,589||January 1, 2007||§ 105-129.12A||NC-478|
|Development Zone Projects (Article 3A)||0||0||January 1, 2007||§ 105-129.13||NC-478|
|Business Property (Article 3B)||1,310||426,419||January 1, 2002||§ 105-129.16||NC-478|
|Renewable Energy Property (Article 3B)||1,123||11,295,327||January 1, 2016||§ 105-129.16A||NC-478; NC-478G|
|Non-Hazardous Dry-Cleaning (Article 3B)||0||0||January 1, 2006||§ 105-129.16C||NC-478|
|Constructing Renewable Fuel Facilities (Article 3B)||56||3,758,510||January 1, 2013||§ 105-129.16D||NC-478|
|Small Business Employee Health Insurance (Article 3B)||2,481||1,182,134||January 1, 2010||§ 105-129.16E||NC-478|
|Biodiesel Producers (Article 3B)||5||67,603||January 1, 2013||§ 105-129.16F||NC-478|
|Work Opportunity (Article 3B)||270||1,615,721||January 1, 2012||§ 105-129.16G||NC-478|
|Donating Funds to Non-Profit Organization (Article 3B)||8||6,633||None||§ 105-129.16H||NC-478|
|Small Business Unemployment Insurance (Article 3B)||22,535||5,724,072||January 1, 2012||§ 105-129.16J||D-400TC or CD-425|
|Investing in Large or Major Recycling Facility (Article 3C)||1||700,093||None||§ 105-129.27||CD-425|
|Historic Rehabilitation (Article 3D):|
|Income-Producing Property||224||5,033,772||January 1, 2014||§ 105-129.35||D-400TC or CD-425|
|Non-Income-Producing Property||586||5,775,196||January 1, 2014||§ 105-129.36||D-400TC or CD-425|
|Low-Income Housing (Article 3E):|
|Awarded a Federal Credit Allocation before Jan. 1, 2003||20||4,972,114||January 1, 2015||§ 105-129.41||NC-478; NC-478H|
|Awarded a Federal Credit Allocation on or after Jan. 1, 2003||31||33,380,067||January 1, 2015||§ 105-129.42||None/ Notification from NC Housing Finance Agency|
|Research and Development (Article 3F)||577||36,142,253||January 1, 2014||§ 105-129.55||NC-478; NC-478I|
|Mill Rehabilitation (Article 3H):|
|Income-Producing Property||20||2,568,465||January 1, 2014||§ 105-129.71||D-400TC or CD-425|
|Non-Income-Producing Property||23||663,308||January 1, 2014||§ 105-129.72||D-400TC or CD-425|
|Creating Jobs (Article 3J)||197||3,314,032||January 1, 2013||§ 105-129.87||NC-478; NC-478J|
|Investing in Business Property (Article 3J)||345||21,440,657||January 1, 2013||§ 105-129.88||NC-478; NC-478K|
|Investing in Real Property (Article 3J)||6||595,728||January 1, 2013||§ 105-129.89||NC-478; NC-478L|
|Railroad Intermodal Facility (Article 3K)||0||0||January 1, 2038||§ 105-129.96||NC-478|
|NC State Ports Authority Charges||32||561,818||January 1, 2014||§ 105-130.41 & § 105-151.22||NC-478|
|Cigarette Exportation||1||4,645,270||January 1, 2018||§ 105-130.45||NC-478|
|Cigarette Exportation while Increasing Employment||1||6,000,000||January 1, 2018||§ 105-130.46||NC-478|
|Film Production||22||30,344,798||January 1, 2014||§ 105-130.47 & § 105-151.29||NC-415|
|Economic Incentive Refunds (Sales & Use Tax) (§ 105-164.14A.):|
|Passenger Air Carrier||1||8,447,646||January 1, 2013||§ 105-164.14A.(a)(1)||E-588B|
|Major Recycling Facility||1||132,247||None||§ 105-164.14A.(a)(2)||E-585S|
|Business in Low-Tier Area||8||149,541||same as Article 3J||§ 105-164.14A.(a)(3)||E-585S|
|Motorsports Team or Sanctioning Body||9||153,147||January 1, 2013||§ 105-164.14A.(a)(4)||E-588A|
|Professional Motorsports Team||19||1,705,332||January 1, 2014||§ 105-164.14A.(a)(5)||E-585S|
|Analytical Services Business||2||124,508||January 1, 2013||§ 105-164.14A.(a)(6)||E-588D|
|Railroad Intermodal Facility||0||0||January 1, 2038||§ 105-164.14A.(a)(7)||E-585S|
|Certain Industrial Facilities Refunds (Sales & Use Tax)||2||680,138||January 1, 2013||§ 105-164.14B.||E-585S|
|2010 Sales & Use Refunds Supplement - Detail||20||6,168,407|
|Reports of Credits Generated||Number of Taxpayers||Credits Generated|
|Article 3A Credits Generated by Taxpayer|
|Creating Jobs in Development Zones||1||10,000|
|Machinery and Equipment||1||775|
|Other Article 3A Credits Generated by Taxpayer||8||1,965,564|
|Article 3A Summary of Credits Generated|
|Article 3J Credits Generated by Taxpayer|
|Investing in Business Property||191||93,801,899|
|Investing in Real Property||3||5,893,915|
Exceptions to Article 3A sunsets:
- extension of sunset to Jan. 1, 2008 for taxpayers who submit a letter of commitment to create jobs or make new investments to the Department of Commerce.
- extension of sunset to Jan. 1, 2010 for an interstate air courier that has a real estate lease of at least 100 acres for a term in excess of 15 years.
- extension of sunset to Jan. 1, 2010 for a taxpayer that qualifies as an eligible major industry.
- extension of sunset to Jan. 1, 2010 for certain taxpayers located in a Development Zone.
Exceptions to Article 3A carryforwards:
- large investments can have 20 years of carryforwards.
- taxpayers who invest at least $50 million in real property, machinery and equipment, or central office or aircraft facility property can have 10 years.
Exception for Article 3J carryforward:
- If the Secretary of Commerce certifies that the taxpayer's investment will exceed $150 million, carryforwards may be taken for 20 years.
For Article 3A and Article 3J, installments begin in the year after the credit was generated.
Sunset dates for S&U economic incentive refunds indicate the initial date for which purchases are deemed ineligible for refund.
The estimates of credits taken do not include the effect of G.S. 105-130.5(a)(10). This provision effectively increases the income tax liability of corporations by the amount of credit multiplied by the tax rate (6.9%).