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2015 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
Creating Jobs (Article 3A) 61 784,787 January 1, 2007 § 105-129.8 NC-478; NC-478A
Machinery and Equipment Investment (Article 3A) 374 10,703,821 January 1, 2007 § 105-129.9 NC-478; NC-478B
Research and Development (Article 3A) 45 738,992 January 1, 2007 § 105-129.10 NC-478
Worker Training (Article 3A) 0 0 January 1, 2007 § 105-129.11 NC-478
Investing in Central Office or Aircraft Facility (Article 3A) 8 238,273 January 1, 2007 § 105-129.12 NC-478; NC-478E
Technology Commercialization (Article 3A) 1 3,304 January 1, 2007 § 105-129.9A NC-478
Substantial Investment in Other Property (Article 3A) 2 6,708 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) 30 11,696 January 1, 2002 § 105-129.16 NC-478
Renewable Energy Property (Article 3B) 1,720 126,661,982 January 1, 2016 § 105-129.16A NC-478; NC-478G
Constructing Renewable Fuel Facilities (Article 3B) 10 79,022 January 1, 2014 § 105-129.16D NC-478
Small Business Employee Health Insurance (Article 3B) 389 209,007 January 1, 2010 § 105-129.16E NC-478
Biodiesel Producers (Article 3B) 5 179,395 January 1, 2014 § 105-129.16F NC-478
Work Opportunity (Article 3B) 189 637,619 January 1, 2014 § 105-129.16G NC-478
Donating Funds for Purchases of Renewable Energy Property (Article 3B) 4 7,176 January 1, 2016 § 105-129.16H NC-478
Facility for Manufacturing Renewable Energy Property (Article 3B) 11 21,105 January 1, 2014 § 105-129.16I NC-478
Investing in Major Recycling Facility (Article 3C) 1 2,665,440 None § 105-129.27 CD-425
Historic Rehabilitation (Article 3D):  
Income-Producing Property 175 5,667,832 January 1, 2015 § 105-129.35 D-400TC or CD-425
Non-Income-Producing Property 564 5,601,688 January 1, 2015 § 105-129.36 D-400TC or CD-425
Low-Income Housing (Article 3E):  
Awarded a Federal Credit Allocation before Jan. 1, 2003 1 2,471,044 January 1, 2015 § 105-129.41 NC-478; NC-478H
Awarded a Federal Credit Allocation on or after Jan. 1, 2003 39 60,515,682 January 1, 2015 § 105-129.42 None/ Notification from NC Housing Finance Agency
N.C. Research and Development (Article 3F) 548 11,854,895 January 1, 2016 § 105-129.55 NC-478; NC-478I
Interactive Digital Media (Article 3F) 23 519,895 January 1, 2014 § 105-129.56 NC-478; NC-478I
Mill Rehabilitation (Article 3H):  
Income-Producing Property 40 40,235,395 January 1, 2015 § 105-129.71 D-400TC or CD-425
Non-Income-Producing Property 25 351,441 January 1, 2015 § 105-129.72 D-400TC or CD-425
Creating Jobs (Article 3J) 276 11,215,224 January 1, 2014 § 105-129.87 NC-478; NC-478J
Investing in Business Property (Article 3J) 392 31,509,216 January 1, 2014 § 105-129.88 NC-478; NC-478K
Investing in Real Property (Article 3J) 6 30,086 January 1, 2014 § 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 20 224,044 January 1, 2014 § 105-130.41 & § 105-151.22 NC-478
Cigarette Exportation 2 11,946,034 January 1, 2018 § 105-130.45 NC-478
Cigarette Exportation while Increasing Employment 0 0 January 1, 2018 § 105-130.46 NC-478
Film Production 46 64,186,264 January 1, 2015 § 105-130.47 & § 105-151.29 NC-415
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 2 40,879 same as Article 3J § 105-164.14A.(a)(3) E-585S
Motorsports Team or Sanctioning Body 6 134,742 January 1, 2016 § 105-164.14A.(a)(4) E-588A
Professional Motorsports Team 12 1,359,966 January 1, 2016 § 105-164.14A.(a)(5) E-585S
Analytical Services Business 3 639,383 January 1, 2014 § 105-164.14A.(a)(6) E-588D
Railroad Intermodal Facility 1 290,795 January 1, 2038 § 105-164.14A.(a)(7) E-585S
Certain Industrial Facilities Refunds (Sales & Use Tax) 0 0 January 1, 2014 § 105-164.14B.(b) E-585S
Sales & Use Refunds Supplement - Detail 24 8,523,020  
Reports of Credits Generated Number of Taxpayers Credits Generated
Article 3J Credits Generated by Taxpayer  
Creating Jobs 88 23,912,000
Investing in Business Property 150 91,103,466
Investing in Real Property 0 0

NOTES

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 (6.9%).