Richmond County offers a generous local incentive program. The County will return up to 85% of property taxes due over a five-year period. The percentage reimbursed is based on capital investment. The current Richmond County tax rate is $0.81 per $100 in value.
Example: $10 million investment
Total Richmond County annual property taxes ($0.81) $81,000.
60% tax grant equates to $48,600 per year in taxes granted back to the company. Since the total tax grant length is 5 years, the total grant to the company is $243,000
Article 3J Tax Credits
Tier 1 status
$12,500 per job created
7% on machinery and equipment
Available through Richmond Community College. The typical value estimated at $1000 per employee. The State will pay to train new employees in plant or outside plant if necessary.
One North Carolina Fund
This discretionary grant is used to provide financial assistance to a business or industry making significant efforts to establish a new facility or expand an existing one in North Carolina. Prospective employer must fill out state application prior to being approved from grant. If approved by the State of North Carolina, the value of the grant is typically $1000-$2000 per job created. Grant paid in 25% increments over a 3-year grant period. Payout based on how fast company reaches employment goal.
Job Development Investment Grant
The Job Development Investment Grant (JDIG) is a discretionary incentive capable of providing sustained annual grants to new and expanding businesses measured against a percentage of withholding taxes paid by new employees.
Proposed project must meet a rigorous set of criteria. The Economic Investment Committee must find, for example, that the project will:
Result in a net increase in employment in this State by the business.
Benefit the people of the State by increasing the opportunities for employment and by strengthening the State's economy.
Be consistent with the economic development goals of the State and of the area in which it is located.
Be necessary for the completion of the project in the State.
Be competitive with another state(s) or country.
A company applying for the JDIG also must meet certain State health insurance and workplace safety requirements.
Industrial Development Fund
The Industrial Development Fund provides grant funds at $5,000 per new job created up to a maximum of $500,000 for infrastructure needs via the local government. The unit of local government must own the infrastructure.
The grant funds may be used for:
- Rail Extension
- Natural Gas Lines
- Electric Upgrades
Loans are also available via the Industrial Development Fund. Loans are made to businesses for building upgrades or the acquisition of new machinery and equipment. The rate is $5,000 per job or a maximum of $500,000. A bank must match the IDF loan on a 1:1 basis, and the bank administers the loan.
Community Development Block Grant
The CDBG provides grant funds of $15,000 per job created for infrastructure needs. The maximum grant amount is $1,000,000. The unit of local government must own the infrastructure. Grants are determined by the cost of the project and the availability of funding.
CDBG provides loans for building upgrades or the acquisition of new machinery and equipment. The rate is $5,000 per job with a maximum of $500,000. A bank must match the loan on a 1:1 basis, and the bank administers the loan.
There is also a CDBG program for building reuse (building has to be vacant for at least 30 days). This money can be used to pay for up to 50% of the cost for building improvements associated with a new company. The maximum amount is $750,000. The amount is based on $20,000 per job created.
Rail Industrial Access Program
This grant is administered by the North Carolina Department of Transportation for industries needing access to rail. The grant amount is based on a point system, with points being awarded for the project’s economic benefits. Recipients may receive a maximum of 50% of total project costs. The percent of total project costs funded is based on the total points scored as follows:
Less that 8 points – Not eligible for funding
8-15 points – 35%
16-23 points – 40%
24-34 points – 45%
35+ points – 50%