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AG 1999 08 30
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AG 1999 08 30
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Last modified
3/25/2002 6:00:58 PM
Creation date
11/27/2017 11:49:49 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
8/30/1999
Board
Board of Commissioners
Meeting Type
Regular
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A. Over,ziew of bill <br />· Corporate tax reduction to 6.9% over four years <br />· New investment tax credit for machinery and equipment <br />· New worker training tax credit <br />· New research and development tax credit <br /> Expands job creation tax credit statewide <br />· New business property tax credit <br />· New utifity account for most distressed counties <br />· increases per job and per project maximums for Industrial Development Fund <br />· Assc~ed tax reductions which affect business <br /> <br />B. Philosophy underlying the credits <br />· Recruit new compenies into North Carolina, or encourage existing companies to add <br /> jobs or production capacity, upgrade worker training, invest in product related <br /> research <br />· Added capacity, improved competitiveness underlies the various requirements <br />· Aisc focus on job quality -- wage requirement <br />· Greater incentives in more distressed parts of the state for job creation, investment, <br /> or worker training <br /> <br />C. Bas[cs cf the credits <br />· Inves:ment 'Fax Credit: provides credit of 7% of cost of machinery and equipment <br /> placed in se~fce in North Carolina, subject to meeting requirements <br /> Job Creation Tax Credit: provides job creation tax credit of $12.500, $4000, $3000, <br /> $10(:;0 or $500 for each new job over five created. <br />· Research and Development Tax Credit: provides credit equal to 5% of research and <br /> deveicpment expenses eligible under the federal R&E credit incurred in NC <br />· Worker Training Tax Credit: provides credit up to $500 per worker ($1000 in Tier <br /> One) for training for eligible employees <br />· Business Pro.certy Tax Credit: .provides credit of 4.5% for cost of business property, <br /> up tc S 100,000 maximum, for property capitalized under the tax code. <br /> <br /> <br />
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