2011 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) | 388 | 9,853,937 | January 1, 2007 | § 105-129.8 | NC-478; NC-478A |
| Machinery and Equipment Investment (Article 3A) | 787 | 40,026,406 | January 1, 2007 | § 105-129.9 | NC-478; NC-478B |
| Research and Development (Article 3A) | 101 | 5,447,693 | January 1, 2007 | § 105-129.10 | NC-478 |
| Worker Training (Article 3A) | 23 | 255,744 | January 1, 2007 | § 105-129.11 | NC-478; NC-478E |
| Investing in Central Office or Aircraft Facility (Article 3A) | 27 | 793,657 | January 1, 2007 | § 105-129.12 | NC-478 |
| Technology Commercialization (Article 3A) | 11 | 9,614 | January 1, 2007 | § 105-129.9A | NC-478 |
| Substantial Investment in Other Property (Article 3A) | 4 | 458,557 | 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) | 1,982 | 1,766,897 | January 1, 2002 | § 105-129.16 | NC-478 |
| Renewable Energy Property (Article 3B) | 929 | 5,232,172 | 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) | 13 | 50,919 | January 1, 2013 | § 105-129.16D | NC-478 |
| Small Business Employee Health Insurance (Article 3B) | 6,443 | 3,656,202 | January 1, 2010 | § 105-129.16E | NC-478 |
| Biodiesel Producers (Article 3B) | 6 | 108,833 | January 1, 2013 | § 105-129.16F | NC-478 |
| Work Opportunity (Article 3B) | 286 | 2,067,240 | January 1, 2012 | § 105-129.16G | NC-478 |
| Donating Funds to Non-Profit Organization (Article 3B) | 7 | 3,146 | None | § 105-129.16H | NC-478 |
| Investing in Large or Major Recycling Facility (Article 3C) | 1 | 725,238 | None | § 105-129.27 | CD-425 |
| Historic Rehabilitation (Article 3D): | |||||
| Income-Producing Property | 256 | 5,143,449 | January 1, 2014 | § 105-129.35 | D-400TC or CD-425 |
| Non-Income-Producing Property | 536 | 6,614,016 | 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 | 7,822,284 | January 1, 2015 | § 105-129.41 | NC-478; NC-478H |
| Awarded a Federal Credit Allocation on or after Jan. 1, 2003 | 31 | 35,430,731 | January 1, 2015 | § 105-129.42 | None/ Notification from NC Housing Finance Agency |
| Research and Development (Article 3F) | 514 | 18,863,397 | None | § 105-129.55 | NC-478; NC-478I |
| Computer Manufacturing (Article 3G) | 1 | 141,984 | July 1, 2010 | § 105-129.64 | CD-425 |
| Mill Rehabilitation (Article 3H): | |||||
| Income-Producing Property | 25 | 1,221,436 | January 1, 2014 | § 105-129.71 | D-400TC or CD-425 |
| Non-Income-Producing Property | 34 | 397,997 | January 1, 2014 | § 105-129.72 | D-400TC or CD-425 |
| Creating Jobs (Article 3J) | 177 | 2,182,538 | January 1, 2013 | § 105-129.87 | NC-478; NC-478J |
| Investing in Business Property (Article 3J) | 252 | 11,352,905 | January 1, 2013 | § 105-129.88 | NC-478; NC-478K |
| Investing in Real Property (Article 3J) | 5 | 724,921 | 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 | 37 | 431,690 | January 1, 2014 | § 105-130.41 & § 105-151.22 | NC-478 |
| Cigarette Exportation | 1 | 6,000,000 | 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 | 10 | 2,389,178 | January 1, 2014 | § 105-130.47 & § 105-151.29 | NC-415 |
| Economic Incentive Refunds (Sales & Use Tax) (§ 105-164.14A.): | |||||
| Passenger Air Carrier | 1 | 4,757,023 | January 1, 2011 | § 105-164.14A.(a)(1) | E-588B |
| Major Recycling Facility | 1 | 291,027 | None | § 105-164.14A.(a)(2) | E-585S |
| Business in Low-Tier Area | 9 | 63,285 | same as Article 3J | § 105-164.14A.(a)(3) | E-585S |
| Motorsports Team or Sanctioning Body | 5 | 38,111 | January 1, 2011 | § 105-164.14A.(a)(4) | E-588A |
| Professional Motorsports Team | 11 | 287,205 | January 1, 2014 | § 105-164.14A.(a)(5) | E-585S |
| Analytical Services Business | 1 | 120,803 | 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 | 682,309 | January 1, 2013 | § 105-164.14B. | E-585S |
| 2009 Sales & Use Refunds Supplement - Detail | 6 | 309,572 | |||
| Reports of Credits Generated | Number of Taxpayers | Credits Generated |
|---|---|---|
| Article 3A Credits Generated by Taxpayer | ||
| Creating Jobs | 1 | 115,000 |
| Creating Jobs in Development Zones | ||
| Machinery and Equipment | 4 | 159,831 |
| Other Article 3A Credits Generated by Taxpayer | 21 | 839,369 |
| Article 3A Summary of Credits Generated | ||
| Article 3J Credits Generated by Taxpayer | ||
| Creating Jobs | 73 | 15,217,750 |
| Investing in Business Property | 192 | 65,917,291 |
| Investing in Real Property | 2 | 263,766 |
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%).