North Carolina’s newly passed budget aims to completely phase-out the state’s existing 2.5% corporate income tax over the course of five years (2025-2030). Currently only two other states, South Dakota and Wyoming, do not have a corporate income tax or comparable gross receipts taxes.
North Carolina also offers various corporate incentives including valuable job development investment grants, NC Fund grants, and customized training programs, all of which we are happy to secure for our NC-based clients.
As always, we at First Advantage will continue to monitor all legislative action, especially changes which impact tax credits and incentives. Please ensure you are subscribed to our Tax Alerts to stay informed! If you have any questions, please contact your First Advantage Tax Consultant or your legal counsel.