2020 Economic Incentives Report
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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 | ||
|---|---|---|---|---|---|---|---|
| Machinery and Equipment Investment (Article 3A) | 101 | 2,989,993 | January 1, 2007 | § 105-129.9 | NC-478; NC-478B | ||
| Research and Development (Article 3A) | 8 | 27,392 | January 1, 2007 | § 105-129.10 | NC-478 | ||
| Investing in Central Office or Aircraft Facility (Article 3A) | 0 | 0 | January 1, 2007 | § 105-129.12 | NC-478; NC-478E | ||
| Technology Commercialization (Article 3A) | 3 | 15,990 | January 1, 2007 | § 105-129.9A | NC-478 | ||
| Substantial Investment in Other Property (Article 3A) | 3 | 2,038 | January 1, 2007 | § 105-129.12A | NC-478 | ||
| Renewable Energy Property (Article 3B) | 2,076 | 164,827,708 | January 1, 2016 | § 105-129.16A | NC-478; NC-478G | ||
| Constructing Renewable Fuel Facilities (Article 3B) | 4 | 64,370 | January 1, 2014 | § 105-129.16D | NC-478 | ||
| Biodiesel Producers (Article 3B) | 1 | 810 | January 1, 2014 | § 105-129.16F | NC-478 | ||
| Work Opportunity (Article 3B) | 419 | 298,133 | January 1, 2014 | § 105-129.16G | NC-478 | ||
| Donating Funds for Purchases of Renewable Energy Property (Article 3B) | 52 | 26,954 | January 1, 2016 | § 105-129.16H | NC-478 | ||
| Facility for Manufacturing Renewable Energy Property (Article 3B) | 14 | 75,454 | January 1, 2014 | § 105-129.16I | NC-478 | ||
| Investing in Major Recycling Facility (Article 3C) | 2 | 3,041,129 | None | § 105-129.27 | CD-425 | ||
| Historic Rehabilitation (Article 3D): | |||||||
| Income-Producing Property | 159 | 11,668,614 | January 1, 2015 | § 105-129.35 | D-400TC or CD-425 | ||
| Non-Income-Producing Property | 336 | 2,579,308 | January 1, 2015 | § 105-129.36 | D-400TC or CD-425 | ||
| N.C. Research and Development (Article 3F) | 258 | 12,160,436 | January 1, 2016 | § 105-129.55 | NC-478; NC-478I | ||
| Interactive Digital Media (Article 3F) | 15 | 175,469 | January 1, 2014 | § 105-129.56 | NC-478; NC-478I | ||
| Mill Rehabilitation (Article 3H): | |||||||
| Income-Producing Property | 50 | 54,131,767 | January 1, 2015 | § 105-129.71 | D-400TC or CD-425 | ||
| Non-Income-Producing Property | 23 | 360,856 | January 1, 2015 | § 105-129.72 | D-400TC or CD-425 | ||
| Creating Jobs (Article 3J) | 129 | 6,353,165 | January 1, 2014 | § 105-129.87 | NC-478; NC-478J | ||
| Investing in Business Property (Article 3J) | 205 | 9,247,374 | January 1, 2014 | § 105-129.88 | NC-478; NC-478K | ||
| Investing in Real Property (Article 3J) | 11 | 55,752 | January 1, 2014 | § 105-129.89 | NC-478; NC-478L | ||
| Railroad Intermodal Facility (Article 3K) | 1 | 1,232,113 | January 1, 2038 | § 105-129.96 | NC-478 | ||
| Historic Rehabilitation (Article 3L): | |||||||
| Income-Producing Property | 197 | 4,445,395 | January 1, 2024 | § 105-129.105 | NC-Rehab | ||
| Non-Income-Producing Property | 115 | 812,415 | January 1, 2024 | § 105-129.106 | NC-Rehab | ||
| Summary of Art. 3L credits taken and carried forward | |||||||
| NC State Ports Authority Charges | 1 | 1,195 | January 1, 2014 | § 105-130.41 & § 105-151.22 | NC-478 | ||
| Cigarette Exportation | 0 | 0 | January 1, 2018 | § 105-130.45 | NC-478 | ||
| Cigarette Exportation while Increasing Employment | 0 | 0 | January 1, 2018 | § 105-130.46 | NC-478 | ||
| Film and Entertainment Grant / Film Production Credit Revised 4/26/21 | 3 | 14,134,671 | None | § 143B-437.02A | Administered by NC Dept. of Commerce | ||
| Economic Incentive Refunds (Sales & Use Tax) (§ 105-164.14A.): | |||||||
| Passenger Air Carrier | 0 | 0 | January 1, 2016 | § 105-164.14A.(a)(1) | E-588B | ||
| Major Recycling Facility | 0 | 0 | None | § 105-164.14A.(a)(2) | E-585S | ||
| Business in Low-Tier Area | 0 | 0 | January 1, 2014 | § 105-164.14A.(a)(3) | E-585S | ||
| Motorsports Team or Sanctioning Body | 5 | 112,064 | January 1, 2024 | § 105-164.14A.(a)(4) | E-588A | ||
| Professional Motorsports Team | 13 | 1,245,493 | January 1, 2024 | § 105-164.14A.(a)(5) | E-585S | ||
| Analytical Services Business | 0 | 0 | January 1, 2014 | § 105-164.14A.(a)(6) | E-588D | ||
| Railroad Intermodal Facility | 0 | 0 | January 1, 2038 | § 105-164.14A.(a)(7) | E-585S | ||
| Transformative Projects | 0 | 0 | None | § 105-164.14A.(a)(8) | NC-19 | ||
| Certain Industrial Facilities Refunds (Sales & Use Tax) | 0 | 0 | January 1, 2014 | § 105-164.14B.(b) | E-585S | ||
| Sales & Use Refunds Supplement | 10 | 544,143 | |||||
NOTES
Exception to sunset for Article 3H Mill Rehabilitation tax credits:
- a qualifying rehabilitated railroad station with at least $10 million in qualified expenditures incurred between Jan. 1, 2019 and Dec. 31, 2021
Exception to sunset for credit for Renewable Energy Property:
- extension of sunset to Jan. 1, 2017 for taxpayers who met the requirements of G.S. 105-129.16A(f).
- extension of sunset to May 5, 2017 for renewable energy property utilizing renewable biomass resources.
The Film Production Credit was repealed for qualifying expenses occuring on or after January 1, 2015 (G.S. 105-130.47 & 105-151.29).
Exception to sunset for credit for Constructing Renewable Fuel Facilities:
- extension of sunset to Jan. 1, 2017 for taxpayers who sign a letter of commitment as of Sept. 1, 2013, and begin construction on or before Dec. 1, 2013.
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.