Orange County NC Website
Browse       Search
•:ails "I "'? _ € ?� "sn i;,�:;::r:::.... <br />8 <br />NORTH CAROLINA <br />the state of minds " <br />- ARTiCLE3j TAX CREDITS <br />In July 2006, the NC General Assembly passed legislation (House Bill <br />270) that created a new tax credit program, Article 3J Credits. Article 3J <br />provides three types of tax credits to eligible taxpayers that undertake <br />qualifying activities in North Carolina: <br />• Credit for Creating Jobs <br />• Credit for Investing in Business Property <br />Credit fns Investing in Real Property (Ter 1 only) <br />These credits may be cotrltped to offset up to 50 percent of the <br />taxpayers state incoM,,, and franchise liability, and unused credits may be <br />carried forwar,:d:f:ocup "to five years (15 -year carry- forwards apply to the <br />Credit for Irw "esting in Real Property and 20 -year cant'- forwards exist for <br />taXpavers'that invest at least $150 million over a two -year period). <br />lity Requirements <br />business establishment must be eligible. <br />• The average wage of all full -time workers employed by the taxpayer at the <br />establishment during the taxable year must meet or exceed the applicable <br />wage standard of the county in which the establishment is located. <br />• The taxpayer must offer qualifying health insurance for all full -time <br />positions at the establishment and pay at least 50 percent of employee <br />premiums. <br />• The taxpayer must not have received any significant environmental <br />Violations with the N.C. Department of Environment and Natural <br />Resources within the prior five years. <br />• The taxpayer must not have received any "willful" or "failure to <br />abate" serious OSHA violations at the establishment within <br />the prior three years. <br />• The taxpayer may not have overdue taxes. <br />This summary is not meant to be exhaustive. Taxpayers should review the <br />Article 3j statutes prior to claiming credits. Taxpayers that are uncertain abot <br />their eligibility or ineligibility to claim credits after reviewing the Article 3j <br />statues should consult with the N.0 Department of Revenue. No application <br />required to claim Article 3 j credits. <br />North Carolina Department of Commerce Incentives 1 2 <br />