A strong business presence is vital in the success and well-being of our Iredell County communities. Whether you’re a new business looking for the place to call home or an existing business hoping to expand or reinvent your operations, our incentive programs may be able to provide the support you need.
Iredell County, City of Statesville, Town of Mooresville, and Town of Troutman offer local incentives to qualifying industries based on investment, job creation, and wages.
To request incentive awards, a company must:
- Receive favorable recommendation from the ICEDC
- Enter into a formal agreement
- Appear before a public hearing for jurisdiction approval
For more information regarding incentives, please contact info@Iredelledc.com
A new program with the potential to attract investment capital into low-income areas of North Carolina was created by recently passed federal tax legislation, known as The Tax Cuts and Jobs Act (H.R.1). North Carolina Opportunity Zones will offer qualified investors certain tax benefits when they invest unrealized capital gains into these areas.
North Carolina’s 252 zones were certified by the United States Treasury on May 18, 2018.
The federal law allows each state to designate up to 25 percent of its total low-income census tracts as zone candidates. North Carolina has just over 1,000 of these tracts, so only 252 census tracts could be selected as Opportunity Zones.
Guided by data and driven by local priorities, North Carolina’s process to identify these tracts, coordinated by the North Carolina Department of Commerce, included an extensive review of census data, public input collected from the Department’s website and direct outreach, and close collaboration with local officials from across the state.
H.R. 1 (the Tax Cuts and Jobs Act) was signed into law on December 22, 2017.
The Opportunity Zones Program (Sec. 13823) provides tax incentives for qualified investors to re-invest unrealized capital gains into low-income communities throughout the state, and across the country. Low-income census tracks are areas where the poverty rate is 20 percent or greater and/or family income is less than 80% of the area’s median income.
Investments made by qualified entities known as Opportunity Funds into certified Opportunity Zones will receive three key federal tax incentives to encourage investment in low-income communities including:
- Temporary tax deferral for capital gains reinvested in an Opportunity Fund
- Step-up in basis for capital gains reinvested in an Opportunity Fund
- Permanent exclusion from taxable income of long-term capital gains
For additional information on the treatment of capital gains invested and earned through the Opportunity Zones program, please see this summary published by the Economic Innovation Group based in Washington, D.C.
Source: North Carolina Department of Commerce Opportunity Zones Program, https://public.nccommerce.com/oz/#section-overview, August 12, 2019.