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%).