Incentives & Taxes
To cultivate sustained growth and job creation in our region, Rutherford County and the State of North Carolina offer various incentive programs for the creation of new jobs and capital investment. Rutherford County is classified as a Tier One County meaning greater eligibility for State incentives.
Below is a list of programs that may be available for manufacturing or data center projects. All local, state and federal programs have rules and regulations, and in most situations a thorough application is required. Approval decisions are made by the funding entity prior to any public disclosure of the project. The information below is comprised of various programs that may be available and does not imply approval of grants or other funds.
- Economic Development Grant - Provides a grant to new and expanding manufacturing or data center firms when new jobs are created and/or new significant capital investment is made. These grants are often used by private firms to help off-set costs in the early years of a project.
- Award amount varies based upon the number of jobs created and total investment dollars.
- Incentive is performance based, meaning the company must meet job creation and capital investment commitments to receive the incentive.
- An annual review occurs to determine if grant conditions such as jobs and investment are met.
- Grant is paid directly to the company.
The State of North Carolina offers incentive programs to companies that meet certain requirements. These companies can take advantage of tax credits and other incentives, including sales and use tax discounts, exemptions and refunds, discretionary programs and other cost-saving programs.
A sampling of State incentive programs include:
One North Carolina Fund (One NC) – Awards grants for job creation and/or retention in conjunction with local government matches.
- Job Development Investment Grants (JDIG) – Awards a limited number of cash grants directly to new and expanding businesses that will provide economic benefits to the State, who need the grant to carry out the project in North Carolina. Grants are based on the job creation and investment commitment made by companies in their formal applications to the State prior to a location decision.
- Community Development Block Grants (CDBG) and Industrial Development Fund (IDF) – Provides grants and loans for infrastructure development to eligible local governments.
- Rural Grants/Programs – offers grants to local governments for critical infrastructure investments and to renovate vacant buildings and/or renovate, expand or construct health care facilities that will lead to the creation of new, full-time jobs.
- Customized Training and Development Program – coordinated through Isothermal Community College, this program provides customized skills training for new and expanding industry.
WORKFORCE DEVELOPMENT BOARD
Duke Energy has developed several incentive riders to enhance economic development through reductions in electric rates for use of major expansions and new businesses. Learn more by clicking HERE.
- Forest City – $0.28
- Spindale – $0.593
- Rutherfordton – $0.54