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FORTH CAROLINA <br />the state of minds " <br />)OBDEVELOPMENT INVESTMENTGRANT <br />The Job Development Investment Grant (JDIG) is <br />a discretionary incentive program that provides a <br />limited number of cash grants directly to new and <br />expanding businesses that will provide economic <br />benefits to the State, and need the grant to . <br />carry out the project in North Carolina. Grants <br />are based on the job creation and investment <br />commitment made by companies in their formal <br />applrcations to:;the State prior to i location <br />decision. Grant funds are disbdl'sed annually <br />to approved companiesliased on a percentage <br />of withholding taxes! Paiel'by new employees, <br />following satisfaction of performance criteria set <br />A,fi- 'member Economic Investment Committee <br />(EIC) evaluates projects and makes decisions <br />r..egarding )DIG awards, funding levels, grant <br />period, and other terms of the grants: The EIC <br />is autl,6', ized to award grants to be disbursed <br />annually for a period of up to 12 years, ranging <br />from 10 to 75 percent of the withholdings <br />associated with eligible positions created by a <br />Sec. Pain welcomes new <br />employees at Credit <br />Suisse' RTP operations <br />center. Credit Suisse is <br />the 12th JDIG recipient. <br />company over a specified period of time. For <br />projects located in Tier 2 counties, 15 percent of <br />the total JDIG grant is transferred to the state's <br />Utility Account to fund infrastructure projects in <br />the state's economically distressed counties. In <br />Tier 3 counties, 25 percent of the total )DIG <br />grant is transferred to the Utility Account. <br />The )DIG program is subject to a legislative <br />cap on grants made by the EIC in a given year, <br />based on the cumulative financial impact of <br />those grants in any future grant year Up to <br />25 grants can be made annually. The maximum <br />amount of total liability for grants provided for <br />in agreements entered into in any single calendar <br />year may not exceed $15 million. The amount of <br />a grant associated with any specific position may <br />not exceed $6,500 in any year Currently, the <br />authority of the EIC to enter into new agreements <br />expires January 1, 2009. <br />Nortli Carolina Department of Commerce Incentives 1 15 <br />