Incentives

Premium II

Possible Incentives
(Revised 03/04/2010)

State Legislated:

The Premium II is located in a Tier 1 County and it is not located in an Urban Progress or Agrarian Growth Zone.

• Job Creation Tax Credits of $12,500 per job with no wage standard requirement, per worker per week. There is a minimum threshold requirement of 5 new full-time jobs.
• Investment Tax Credits of 7% of the value in excess of the threshold and there is not a threshold value requirement for tangible business property located in a tier 1 County.

• Customized Industrial training for employees.

Credit For Investment in Real Property:

Eligible taxpayers that invest at least $10 million in real property within a three-year period and create at least 200 new jobs within two years at an establishment located in a tier 1 county are allowed a credit equal to 30% of the eligible real property investment. This credit is taken in equal installments over seven years, beginning the year after the property is used in an eligible business. To qualify for this credit, the taxpayer must obtain a written determination from the Department of Commerce.

View detailed description of the State Legislated Incentives.

• Robeson County's Economic Development Incentive Grant Program awards up to 50 percent of the local taxes as a grant on investments of at least $1 million. The number of years for grant can be negotiated. Increases in grant amounts are based on factors such as new job creation, wage level, amount of investment, and growth potential of the industry.

• Low interest loan available through ADVANCEMENT INC., a multi-county USDA funded program.

Utilities:

• Electric utilities offer a variety of rates and incentives for industrial and commercial clients based on demand, consumption and operating characteristics.
  
  Progress Energy offers two riders that may apply to new electrical customers. The ED Rider provides a reduced rate schedule over five years for qualifying customers adding a minimum 1 megawatt electrical load. The Economic Redevelopment Rider (new in 2003!) provides a 50 percent rate discount in year one for qualifying businesses that move into a vacant facility served by Progress Energy.

Regional Partnership:

• Regional incentives are based on capital investment, job creation, and economic impact of the project.