Taxes & Incentives
Taxes
| NC Corporate Income Tax | 2.50% |
| NC Individual Income Tax | 5.25% |
| NC Sales Tax | 4.75% |
| Transylvania County Sales Tax | 2.0% |
| Transylvania County Property Tax | $0.6033 per $100 assessed value |
| City of Brevard Property Tax | $0.4500 per $100 assessed value |
| Town of Rosman Property Tax | $0.4600 per $100 assessed value |
| Heart of Brevard Property Tax | $0.2130 per $100 assessed value |
| County Wide Fire Tax | $0.550 per $100 of assessed value |
Local Incentive Programs
Transylvania County Economic Development Incentives
Transylvania County, NC uses a discretionary, performance-based grant program to support economic development. The program uses a “scorecard” system based on new taxable investment and job creation, to determine annual incentive awards. The total award corresponds to a percentage of property taxes collected from the new investment that company is eligible to receive back.
State of North Carolina Incentive Programs
ONE North Carolina Fund
The One North Carolina Fund (OneNC) is a discretionary cash-grant program that allows the Governor to respond quickly to competitive job-creation projects. Awards are based on the number of jobs created, level of investment, location of the project, economic impact of the project and the importance of the project to the state and region.
Job Development Investment Grant (JDIG)
The Job Development Investment Grant (JDIG) is a performance-based, discretionary incentive program that provides cash grants directly to new and expanding companies to help offset the cost of locating or expanding a facility in the state.
Infrastructure Grants & Programs
NC Commerce Public Infrastructure Grants
The Economic Infrastructure Program provides grants to local governments to assist with infrastructure projects that will lead to the creation of new, full-time jobs.
Eligible projects include but are not limited to:
- Upgrades or repair of public drinking water or wastewater treatment plants
- Upgrades, extensions, or repair of public water or sewer lines
- Extensions of publicly owned natural gas line (with an executed Pipeline Construction, Operating and Resale Agreement
- Installation or extension of public broadband infrastructure
- Construction of publicly owned access roads not funded or owned by the NC Department of Transportation
- Construction of public rail spur improvements.
Building Reuse Grants
The Building Reuse Program, under the Rural Economic Development Division at Commerce, provides grants to local governments to help renovate older buildings into attractive business locations. Funding is available from both state and federal sources, and eligible projects can include currently vacant buildings or buildings occupied by an existing North Carolina company wishing to expand in their current location. Commerce can also help with the expansion or construction of health care entities that will lead to the creation of new, full-time jobs.
Duke Energy Rider
Duke Energy Carolinas offers an Economic Development Rider (EC) to economic development projects in NC. This provides qualified customers a discounted power rate for four years of operation (1,000-kilowatt (kW) minimum load).
Workforce & Training
NC Customized Training Grants
Customized Training is widely regarded as a best practice as a job creation and job retention incentive. Customized Training is a grant program issued by the NC Community College system and administered locally by Blue Ridge Community College. Funds may be used to support not only the project’s location to North Carolina, but it’s ongoing operation as new technology, investment and processes are deployed.
Mountain Area Workforce Board: On-The-Job Training (OJT) for New Hires
Through OJT with the Mountain Area Workforce Development Board (MAWDB), the MAWDB can create customized candidate skill assessments, analyze your job’s skill requirements, develop a skills gap analysis and collaboratively develop individualized training plans. Eligible companies receive a 50% reimbursement of the new hire’s wages for up to 6 months. Companies are required to submit time and payment vouchers monthly and are reimbursed promptly.
Mountain Area Workforce Board: Business Accelerator Grants
The Business Accelerator Grant for Incumbent Worker Training is a competitive, cost reimbursement training grant through which qualifying businesses can address employees’ skills gaps. These skills gaps can be a result of a worker’s changing responsibilities/requirements in her/his job, or for a worker whose job may potentially be eliminated, and skill upgrading is needed to accept new responsibilities.
