Governor McCrory Signs NC Competes Jobs Plan
Governor Pat McCrory signed the NC Competes Jobs Plan today, a key component of his comprehensive strategy to build and strengthen North Carolina’s economy by putting more people back to work.
“This plan sends a signal that we’re ready to compete with any state or nation to bring good-paying jobs to North Carolina,” Governor McCrory said. “This plan coupled with the quality of life improvements we’ve made in education, health care and transportation, will demonstrate to companies that nothing compares to North Carolina when it comes to growing their business.”
The governor signed the NC Competes Jobs Plan bill at Culp, Inc. in Stokesdale during a Manufacturing Week celebration. Culp is a worldwide manufacturer and provider of mattress and upholstery fabrics and products. The bill is the first legislation Governor McCrory signed after the General Assembly adjourned for the year.
“This sends a message of certainty to business and industry that North Carolina is committed to long term job creation,” said Commerce Secretary John E. Skvarla, III. “It is a tool that makes North Carolina competitive with our neighbors when it comes to creating jobs, either by recruiting new companies or by helping our existing industries expand.”
The NC Competes Jobs Plan includes $20 million in annual job creation reimbursements that will give North Carolina economic development officials more flexibility and more fire power to attract new jobs to the state. That reimbursement fund will increase by $15 million annually should North Carolina land a major manufacturer which invests at least $500 million in facilities and creates a minimum of 1,750 jobs.
The NC Competes Jobs Plan is one of many job creation measures Governor McCrory achieved during the legislative session.
Historic Preservation Tax Credits were extended. Governor McCrory fought hard for this program given many businesses use the tax credits to create jobs by rehabilitating and operating out of underutilized historic properties in many of North Carolina’s smaller towns and communities.
The OneNC Fund will continue to provide matching funds for incentives to new and expanding firms and adds a provision for a higher state match for more economically challenged counties.
The corporate income tax rate will be lowered to four percent effective January 2016 after revenue triggers, established in Governor McCrory’s tax reform plan, were hit. Additionally, the new state budget allows “single sales factor” in calculating corporate revenue, a method that aligns North Carolina with surrounding states.