SENATE BILL 338 | HOUSE BILL 177, "NC COMPETES ACT" | |
Corporate Tax Changes | Changes corporate tax formula to single sales factor for all NC corporations | Maintains current law stating single sales factor can be used to calculate corporate taxes only for "capital intensive" industries that invest $1 billion or more over 9 years to construct a facility in NC. Does eliminate, however, the established threshold for property investment and for the facility to be in a Tier 1 or 2 area in order to be eligible for the single sales factor. |
Lowers the corporate tax rate to 4% in 2016 and 3% in 2017, regardless of state revenue amounts. The 2013 tax reform plan dropped the corporate tax from 6.9% to 6% in 2014, and to 5% in 2015, and allowed for the 4% and 3% drops only if certain revenue targets were met. | ||
JDIG Changes | Preserves the current $15 million annual cap on grants, but creates an excemption for years in which a "high yield" project receives a grant. A high yield project is defined as one involving at least $1 billion of private investment and 2,500 new jobs. In years including a "high-yield" grantee, the cap expands to $30 mil. | Increases the cap for JDIG grants for the period of July 1, 2013 to Dec. 31, 2015 from $22.5 mil to $45 mil. The 2013 budget temporarily increased the annual cap from $15 mil to $22.5 mil for the biennium. |
Places limits on the share of JDIG grants that can be awarded in the state's 3 highest income counties (Wake, Mecklenburg, Durham), except in cases of a high-yield project. | Extends the authority for the JDIG Committee to award grants to 2020. This authority is currently scheduled to expire at the end of 2015. | |
Increases the new job creation eligibility requirements for grants. For instance, eligibility for Tier 1 projects would increase from 10 jobs to 125. | ||
Allows for more generous (calculated as a percentage of withholding taxes of new positions) grants in low-income counties; but the most generous is reserved for "high yield" projects. | ||
Waives the requirement to pay a share of the grant to the Utility Account (which helps fund infrastructure in rural counties) for grants awarded to "high yield" projects. | ||
Extends the authority for the JDIG Committee to award grants to 2018. This authority is currently scheduled to expire at the end of 2015. | ||
Other Changes | Transfers $20 million from the Commerce Dep't to the Site Infrastructure Fund. This fund provides money to localities to make additions or improvement to local infrastructure such as water or sewer facilities with the intent of making the area more accommodating for potential new businesses. This fund was depleted several years ago and never replenished. | |
Extends the sales tax refund for airplane fuel until 2020, from the current expiration date at the end of 2015. This refund caps the amount of sales tax a company must pay at $2.5 mil. Reportedly, only American Airlines is eligible for this tax break. | ||
Expansion of eligibility for "qualifying datacenters" and "datacenter support equipment" that would enable more tech companies to qualify for generous tax breaks. |
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