2011 Economic Incentives Report

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Reports of Credits Taken or Refunds Claimed
Number of Taxpayers
Credits Taken/ Refunds Claimed
Sunset for Generating Credits or Refundable Purchases
Number of Installments
Carry-forward Years
Statute
DOR Tax Forms Required
Creating Jobs (Article 3A)
388
9,853,937
January 1, 2007
4
5
§ 105-129.8
NC-478; NC-478A
Machinery and Equipment Investment (Article 3A)
787
40,026,406
January 1, 2007
7
5
§ 105-129.9
NC-478; NC-478B
Research and Development (Article 3A)
101
5,447,693
January 1, 2007
NA
15
§ 105-129.10
NC-478
Worker Training (Article 3A)
23
255,744
January 1, 2007
NA
5
§ 105-129.11
NC-478; NC-478E
Investing in Central Office or Aircraft Facility (Article 3A)
27
793,657
January 1, 2007
7
5
§ 105-129.12
NC-478
Technology Commercialization (Article 3A)
11
9,614
January 1, 2007
NA
20
§ 105-129.9A
NC-478
Substantial Investment in Other Property (Article 3A)
4
458,557
January 1, 2007
NA
20
§ 105-129.12A
NC-478
Development Zone Projects (Article 3A)
0
0
January 1, 2007
NA
20
§ 105-129.13
NC-478
Business Property (Article 3B)
1,982
1,766,897
January 1, 2002
5
5
§ 105-129.16
NC-478
Renewable Energy Property (Article 3B)
929
5,232,172
January 1, 2016
5 for nonresidential
5
§ 105-129.16A
NC-478; NC-478G
Non-Hazardous Dry-Cleaning (Article 3B)
0
0
January 1, 2006
NA
5
§ 105-129.16C
NC-478
Constructing Renewable Fuel Facilities (Article 3B)
13
50,919
January 1, 2013
7
5
§ 105-129.16D
NC-478
Small Business Employee Health Insurance (Article 3B)
6,443
3,656,202
January 1, 2010
NA
5
§ 105-129.16E
NC-478
Biodiesel Producers (Article 3B)
6
108,833
January 1, 2013
NA
5
§ 105-129.16F
NC-478
Work Opportunity (Article 3B)
286
2,067,240
January 1, 2012
NA
5
§ 105-129.16G
NC-478
Donating Funds to Non-Profit Organization (Article 3B)
7
3,146
None
NA
5
§ 105-129.16H
NC-478
Investing in Large or Major Recycling Facility (Article 3C)
1
725,238
None
NA
25
§ 105-129.27
CD-425
Historic Rehabilitation (Article 3D):
Income-Producing Property
256
5,143,449
January 1, 2014
5
5
§ 105-129.35
D-400TC or CD-425
Non-Income-Producing Property
536
6,614,016
January 1, 2014
5
5
§ 105-129.36
D-400TC or CD-425
Low-Income Housing (Article 3E):
Awarded a Federal Credit Allocation before Jan. 1, 2003
20
7,822,284
January 1, 2015
5
5
§ 105-129.41
NC-478; NC-478H
Awarded a Federal Credit Allocation on or after Jan. 1, 2003
31
35,430,731
January 1, 2015
NA
NA
§ 105-129.42
None/ Notification from NC Housing Finance Agency
Research and Development (Article 3F)
514
18,863,397
None
NA
15
§ 105-129.55
NC-478; NC-478I
Computer Manufacturing (Article 3G)
1
141,984
July 1, 2010
NA
25
§ 105-129.64
CD-425
Mill Rehabilitation (Article 3H):
Income-Producing Property
25
1,221,436
January 1, 2014
NA
9
§ 105-129.71
D-400TC or CD-425
Non-Income-Producing Property
34
397,997
January 1, 2014
5
9
§ 105-129.72
D-400TC or CD-425
Creating Jobs (Article 3J)
177
2,182,538
January 1, 2013
4
5
§ 105-129.87
NC-478; NC-478J
Investing in Business Property (Article 3J)
252
11,352,905
January 1, 2013
4
5
§ 105-129.88
NC-478; NC-478K
Investing in Real Property (Article 3J)
5
724,921
January 1, 2013
7
15
§ 105-129.89
NC-478; NC-478L
Railroad Intermodal Facility (Article 3K)
0
0
January 1, 2038
NA
10
§ 105-129.96
NC-478
NC State Ports Authority Charges
37
431,690
January 1, 2014
NA
5
§ 105-130.41 & § 105-151.22
NC-478
Cigarette Exportation
1
6,000,000
January 1, 2018
NA
10
§ 105-130.45
NC-478
Cigarette Exportation while Increasing Employment
1
6,000,000
January 1, 2018
NA
10
§ 105-130.46
NC-478
Film Production
10
2,389,178
January 1, 2014
NA
NA
§ 105-130.47 & § 105-151.29
NC-415
Economic Incentive Refunds (Sales & Use Tax) (§ 105-164.14A.):
Passenger Air Carrier
1
4,757,023
January 1, 2011
NA
NA
§ 105-164.14A.(a)(1)
E-588B
Major Recycling Facility
1
291,027
None
NA
NA
§ 105-164.14A.(a)(2)
E-585S
Business in Low-Tier Area
9
63,285
same as Article 3J
NA
NA
§ 105-164.14A.(a)(3)
E-585S
Motorsports Team or Sanctioning Body
5
38,111
January 1, 2011
NA
NA
§ 105-164.14A.(a)(4)
E-588A
Professional Motorsports Team
11
287,205
January 1, 2014
NA
NA
§ 105-164.14A.(a)(5)
E-585S
Analytical Services Business
1
120,803
January 1, 2013
NA
NA
§ 105-164.14A.(a)(6)
E-588D
Railroad Intermodal Facility
0
0
January 1, 2038
NA
NA
§ 105-164.14A.(a)(7)
E-585S
Certain Industrial Facilities Refunds (Sales & Use Tax)
2
682,309
January 1, 2013
NA
NA
§ 105-164.14B.
E-585S
2009 Sales & Use Refunds Supplement - Detail
6
309,572
 

 

Reports of Credits Generated
Number of Taxpayers
Credits Generated
Article 3A Credits Generated by Taxpayer  
1
115,000
 
4
159,831
Other Article 3A Credits Generated by Taxpayer
21
839,369
Article 3A Summary of Credits Generated
Article 3J Credits Generated by Taxpayer
73
15,217,750
192
65,917,291
2
263,766

NOTES

Exceptions to Article 3A sunsets:

(1) extension of sunset to Jan. 1, 2008 for taxpayers who submit a letter of commitment to create jobs or make new investments to the Department of Commerce.
(2) extension of sunset to Jan. 1, 2010 for an interstate air courier that has a real estate lease of at least 100 acres for a term in excess of 15 years.
(3) extension of sunset to Jan. 1, 2010 for a taxpayer that qualifies as an eligible major industry.
(4) extension of sunset to Jan. 1, 2010 for certain taxpayers located in a Development Zone.


Exceptions to Article 3A carryforwards: large investments can have 20 years of carryforwards; taxpayers who invest at least $50 million in real property, machinery and equipment, or central office or aircraft facility property can have 10 years.

Exception for Article 3J carryforward: If the Secretary of Commerce certifies that the taxpayer's investment will exceed $150 million, carryforwards may be taken for 20 years.

For Article 3A and Article 3J, installments begin in the year after the credit was generated.

Sunset dates for S&U economic incentive refunds indicate the initial date for which purchases are deemed ineligible for refund.

The estimates of credits taken do not include the effect of G.S. 105-130.5(a)(10). This provision effectively increases the income tax liability of corporations by the amount of credit multiplied by the tax rate (6.9%).