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OUTLINE OF PRESENT.4 TiON TO COMMERCE DEVELOPERS <br /> <br />i <br /> <br />A. Overview 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 utility account for most distressed counties <br />· Increases per job and per project maximums for Industrial Development Fund <br />· Assorted tax reductions which affect business <br /> <br />B. Philosophy underlying the credits <br />· Recruit new companies into Nodh 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. Basics of the credits <br />· Investment Tax Credit: provides credit of 7% of cost of machine~j and equipment <br /> placed in service in North Carolina, subject to meeting requirements <br />· Job Creation Tax Credit: provides job creation tax credit of $12,500, $4000, $3000, <br /> $1000 or $500 for each new job over five created. <br />· Research and Development Tax Cred[t: provides credit equal to 5% of research and <br /> development 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 Property Tax Credit: .provides credit of 4.5% for cost of business property. <br /> up to $100,000 maximum, for property capitalized under the tax code. <br /> <br />Developers' Presentation 1 815196 <br /> <br /> <br />