INVEST HERE

INCENTIVES

The Lenoir County Economic Development Department works closely with local governments to develop financial packages and incentives for industries that are expanding or relocating to the area. Local performance-based incentives are evaluated on a case by case basis and are determined by the level of capital investment and job creation. These local programs are in addition to significant state job and investment tax credits and training programs.

ASSISTANCE TO QUALIFYING BUSINESSES

North Carolina provides all qualified companies with financial programs and advantages that will lower the cost of doing business, thus impacting a company’s bottom line.

The North Carolina Department of Commerce Finance Center provides a “one-stop” financial center to which relocating companies and existing employers can come for an explanation of the financing alternatives available in North Carolina.

Companies that meet certain requirements can take advantage of tax credits and other incentives including sales and use tax discounts, exemptions and refunds, discretionary programs. 

NEW AND EXPANDING INDUSTRY TRAINING

Administrated by the North Carolina Community College System, this Customized Training Program can provide companies, creating 12 or more jobs in a year, free customized training programs for their new employees.

TAXES

Overall, North Carolina’s moderate state and local business taxes are lower than neighboring states. North Carolina does not have an inventory tax collection and the NC Legislature eliminated the intangibles tax in 1995. The corporate income tax rate at 6.9% is lower than many states.Franchise tax is levied on Business Corporation, including those electing federal S corporation status, at the rate of $1.50 per $1,000 of the largest of three alternate bases:1) The amount of the capital stock, surplus and undivided profits apportionable to the state2) 55 percent of the appraised value of property in the state subject to local taxation3) The book value of real and tangible personal property in the state less any outstanding debt that was created to acquire or improve real property in the stateOnly corporations that do business in one or more states in addition to North Carolina are permitted to apportion capital as described under #1 above.The minimum franchise tax is $35.Workers’ Compensation tax rates and Unemployment Insurance rates in North Carolina are among the lowest in the U.S.Source: North Carolina Department of Commerce

Lenoir County Tax

Lenoir County Sales & Use Tax Rate: 4.75% state 2% local = 6.75%*as of July 1, 2017

LENOIR COUNTY 2017-2018 TAX RATES PER $100 ASSESSED VALUATION
COUNTIES AND MUNICIPALITIES Lenoir Grifton (Lenoir Co) Kinston LaGrange Pink Hill
YEAR OF LATEST REVALUATION 2017
COUNTY- WIDE 0.835 0.835 0.835 0.835 0.835
MUNICIPAL SERVICE DISTRICT ***
CITY OR TOWN 0.55 0.70 0.45 0.55
TOTAL OF ALL JURISDICTIONS 0.835 1.385 1.535 1.285 1.385


NOTE: 
Eleven fire districts: North Lenoir, $.0575; Hugo, $.05; Grifton, $.05; Mosely Hall, $.04; Southwood, $.085; Deep Run, $.06; Seven Springs, $.04; Sandy Bottom, $.08; Wyse Fork, $.065; Sand Hill, $.07; Cherry Tree, $.08.***Kinston downtown municipal service district, $.27.Source: Lenoir County Tax Department

BUILDINGS AND SITES

Buildings

Building County Size Zoning
Buehler Building Lenoir 61,000 SF I
Horseware Building – La Grange Lenoir 26,000 SF I
McConnell Building Lenoir 120,000 SF I
NC GTP Buildings Lenoir Various I
Cardinal Building Lenoir 45,000 SF I
Poole CT Building Lenoir 12,000 SF I
Professional Drive Building Lenoir 15,000 SF I
Hwy 70 Industrial Park Shell Building #3 Lenoir 40,000 SF I
Summit Avenue Building Lenoir 20,000 SF I
UNIVAR Building Lenoir 45,000 SF I