State and Federal Incentive Programs

Caldwell Country is classified as a Tier One Country which means State incentives are greatest in a Tier One county.
http://www.nccommerce.com/en/BusinessServices/LocateYourBusiness
/WhyNC/Incentives

Customized Training and Development Program provides customized skills training for new and expanding industry. Grant varies by project and is paid directly to the company. Coordinated through Caldwell Community College & Technical Institute. A training plan is jointly developed, number of training hours identified, anticipated costs determined and budget approval obtained. The State of North Carolina was the first State in the nation to provide customized skills training.

3J Tax Credits – Jobs offer job creation and investment tax credits to eligible taxpayers that undertake qualifying initiatives. $12,500 per job credit taken in equal installments over 4 years. Grant is paid directly to the company. These credits may be used to offset up to 50% of the taxpayer’s state income and/or franchise tax liability, and unused credits may be carried forward for up to five years.

3J Tax Credits – Investment provides a tax credit for manufacturing companies investing in machinery and equipment in North Carolina. Amount is 7% of the cost of capitalized tangible personal property placed in service during the taxable year. Grant is taken as a credit against State Income Tax or Franchise Tax and all credits may not exceed 50 percent of the tax liability.

Job Development Investment Grants (JDIG) is a discretionary incentive that provides sustained annual grants to new and expanding businesses measured against a percentage of withholding taxes paid by new employees. Grant is paid directly to the company. 25 JDIG’s allocated in a year and typically awarded to firms employing 200 or more employees.

One North Carolina Fund provids funds to companies adding significant tax base and jobs that exceed the average county wage rate (of $573 per week which includes bonuses and overtime and includes everyone attached to a facility). Provides funds for the installation or purchase of equipment; structural repairs, improvements or renovations of existing buildings to be used for expansion; and construction of or improvements to water, sewer, gas or electric utility distribution lines, or equipment for existing buildings.

Community Development Block Grants develop viable communities by providing decent housing and a suitable living environment and by expanding economic opportunities, principally for persons of low- and moderate-income. In Caldwell County, CDBG provides $15,000 per each full-time job created by businesses with hires of at least 60% low/moderate income workers.

Economic Development Administration provides up to 50% funding for water, sewer and road infrastructure for businesses.

NC Rural Economic Development Center provides funding for building reuse projects in economically distressed counties. These include grants for reuse of vacant buildings, venture funding for small business, and assistance with funding for various infrastructure projects. May include feasibility, architectural and market studies up to $25,000, and redevelopment awards of $480,000 or 50% of renovation cost ($12,000 per job created, must be matched by an equal amount of private or public funds).

Golden Leaf Foundation Grants provide funding to 501(c)(3) non-profits for initiatives that result in job creation and retention in tobacco-dependent or economically distressed counties.

Small Business Technology Funding (STTR) provides funding opportunities in the federal innovation research and development arena, and includes joint venture opportunities for small business and the nation’s premier nonprofit research institutions. STTR provides awards based on small business/nonprofit research institute qualification, degree of innovation, and future market potential. The 3 phase program offers up to $750,000 for two years. The Small Business Administration is the coordinating agency.

Community College Industrial Training Programs are made available through our statewide network of community colleges. These programs can be adapted to meet the training needs of any new or expanding business that has created at least 12 new jobs. Assistance for industries in Caldwell County is available from Caldwell Community College & Technical Institute.

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