North Carolina’s population is growing rapidly, and my colleagues in the General Assembly and I have worked hard to improve our economy to support this growth and progress.
This year’s budget included numerous incentives to attract new businesses and protect the entrepreneurs and small business owners in our state. Our balanced finance package offers at least $160 million in tax relief that will benefit low wage earners, small businesses, emerging industries, environmentally friendly industries and farmers. We also provided money to support various sectors of our economy.
Thank you for all of your support. Please feel free to contact me if I can be of assistance.
Medicaid
Our Medicaid relief swap will prove helpful to businesses owners. By taking over the counties’ Medicaid costs in a three-year phase out, there will be less pressure for counties to rely on property taxes to generate revenue to complete need infrastructure and school improvements. This could mean lower taxes in some counties.
Economic Development
We set aside $14 million for the One North Carolina Fund to stimulate job growth. The fund was developed to attract knowledge based jobs in high valued-added or necessary sectors of the economy. We also set aside $12.4 million for Job Development Investment Grants. These two programs have helped attract 48,000 jobs and $9 billion in investments since 2001. The One North Carolina Small Business Fund will receive $4.8 million to provide assistance or matching grants for businesses competing for federal research and development contracts.
The General Assembly appropriated $3 million to the North Carolina Minority Support Center. The center helps low-income/wealth individuals and communities build credit and obtain assets through minority community development credit unions in North Carolina.
The North Carolina Institute of Minority Economic Development will receive $1.5 million. The institute focuses on developing underused sectors of the state economy and strengthening the economic power and stability of underrepresented North Carolinians.
The North Carolina Military Business Center will receive $1.25 million to continue its mission of developing businesses spun out from our military bases. The center works in conjunction with the North Carolina Community College System and state businesses. The Defense and Security Technology Accelerator received $1.5 million to develop businesses related to homeland security and national defense.
We gave the Rural Center $19 million to expand the North Carolina Economic Infrastructure Fund. The fund provides grants to local governments and nonprofits and equity investments in private businesses to promote small businesses and entrepreneurship in rural areas.
The General Assembly appropriated $100,000 for a research and development center for the seamless manufacturing industry. The center will be a part of the Hosiery Technology Center at Randolph and Catawba community colleges.
We set aside $1 million to promote the viticulture industry in North Carolina. Viticulture is the study and production of grapes. North Carolina is the nation’s ninth-largest wine producing state.
The North Carolina Motorsports Consortium will receive $500,000 for curriculum development to train a highly skilled motorsports workforce. The North Carolina Center for Automotive Research will receive $3.5 million.
The North Carolina Green Business Fund will receive $1 million to provide grants to small businesses to further the growth of biofuels, green building, and other environmentally friendly industries.
We set aside more than $3 million for marketing and transportation needs for the International Home Furnishings Market in High Point. These funds will help the market compete against a rival market in Las Vegas.
Taxes
Legislators enacted a work opportunity credit as an add-on to the federal credit as an incentive to businesses that hire disadvantaged workers. Disadvantaged workers include those who are coming off some sort of public assistance, convicted felons and other groups that find it particularly difficult to find and keep a job.
Small businesses that provide health insurance to employees are eligible for a tax credit that both lowers the employers’ costs of providing insurance and increases the number of insured people. Business owners who employ 25 or fewer people and pay at least half the premium costs for their workers are eligible for a tax credit for up to $250 a year.
We changed the tax codes so that small businesses can immediately claim tax credits on property and equipment rather than spread it out over several years. It is estimated that with this plan, small businesses will save $36 million yearly. Other changes in the tax code will provide $21 million in savings. These include tax savings for software publishers, research and development, research supplies, renewable fuel facility construction and aircraft part makers.
My colleagues and I have agreed to a phaseout of the sales tax on electricity, the excise tax on piped natural gas and the privilege tax on other fuels used by manufacturers and farmers. Expected savings are $10 million in the first year and $20 million in the second year.
Real Estate Investment Trusts
Companies may not use real estate investment trusts to avoid corporate income tax. Since they are most often used by large multinational corporations, this will help ensure all businesses pay their fair share and that the burden of the corporate income tax is not pushed more heavily onto small business.
Northampton County Town Hall Meeting-November 14th
Senator Ed Jones (D-Bertie, Chowan, Gates, Halifax, Hertford, Northampton, and Perquimans) and I (D-Northampton, Vance (part) and Warren) are planning a Northampton County Town Hall Meeting on Wednesday, November 14th, 6-7:30 PM, J. W. Faison Administration Building, 9495 NC 305 North, in Jackson, to discuss the past legislative session and community projects. Public officials, civic leaders, law enforcement, school personnel and interested citizens are invited to attend the meeting.
Please remember that you can visit the General Assembly’s website to look up bills, view lawmaker biographies and access other information
I plan to attend the following meetings/events:
Please invite me to attend your county, city, community or civic, etc. meetings or events.
As I’ve said many times before, I hope you will continue to let me know how you feel about the issues that are being debated by the North Carolina Legislature and the challenges you and your family are facing each day.
By working together, we can make Northampton, Vance and Warren Counties and all regions of North Carolina a better place to live, work and raise a family.