2012 Economic Incentives Report

2012 Economic Incentives - Overview

Click on links to go to taxpayer-detail reports.

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 1 10,000
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  
Creating Jobs 112 32,353,000
Investing in Business Property 191 93,801,899
Investing in Real Property 3 5,893,915

NOTES

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%).