Incentives

The Economic Development Coalition staff are experts in navigating your company through the sometimes confusing process of securing economic incentives for your relocation or expansion.  Download the EDC Incentives brochure and for a private and confidential consultation, contact the EDC staff to get the process underway.

State Incentives

Investment in Business Property Tax Credit

The investment tax credit equals 3.5% of the excess value above $2 million of machinery and equipment placed in service within Buncombe County by eligible new or expanding firms.

Job Creation Tax Credit

Firms with at least fifteen full-time employees working 40 or more weeks during the taxable year can take a NC tax credit for each new job created.

Urban Progress Zone-City of Asheville

Special areas within city limits have been designated as urban progress zones which provide for higher tax credit incentives than non-designated areas.

Research & Development Tax Credit

A taxpayer that has qualified North Carolina research expenses for the taxable year is allowed a credit equal to a percentage of the expenses.

This summary is not intended to be comprehensive. Taxpayers should review the Article 3J statutes prior to claiming credits. Taxpayers that are uncertain about their eligibility to claim credits after reviewing the Article 3J statutes should consult with the Department of Revenue (919-733-5297).

Other State Incentives Programs

• State-Funded Customized Labor Training (provided through Asheville-Buncombe Technical Community College)
• One North Carolina Fund (subject to availability of funds)
• Job Development Investment Grant Program (JDIG) (sustained annual grants to new and expanding businesses measured against a percentage of withholding taxes paid by new employees, currently set to sunset in January 2008)
• Source: Commerce Finance Center (CFC), North Carolina Department of Commerce

Local Incentives

Both local governmental units have adopted incentive policies which provide for grants to be paid back to projects based primarily on their capital investment. Other criteria such as number of new jobs created, wages, etc. may also be considered in determining the grant amount.

Buncombe County and Asheville City Incentive Policies

Typically new and expanding companies that invest a minimum of $1.5 million dollars in new construction, machinery and equipment in Buncombe County and/or the City of Asheville, may be eligible for an economic development incentive grant from Buncombe County and/ or the City of Asheville. Please contact the Vice President of Economic Development at the Asheville Area Chamber of Commerce for more detailed information about these programs at 828.258.6128.