newsobserver.com blogs

Under the Dome

How do North Carolina tax incentives stack up nationally?

The New York Times has launched an interactive database showing business incentives awarded by states and local communities aimed at getting companies to open their doors nearby instead of somewhere else.

Several interesting points on how the Tar Heel State fares compared to the rest of the Union:

  • North Carolina spends $660 million annually on incentive programs.
     
  • 3 percent of North Carolina’s budget goes to incentive programs, which amounts to $69 per capita.
     
  • In addition the multi-billion dollar bailout General Motors received from the U.S. government, the automaker also used by far the most tax incentives of any company in the United States – at least $1.76 billion, mostly from Michigan.
     
  • Illinois-based Caterpillar Inc. also ranked high on the list of companies taking incentives, with at least $199 million since 2007, most of which comes from the Tar Heel State. CAT has received $87.9 million in incentives from North Carolina since 2008, more than any other company operating here.
     
  • Fidelity Investment Services Inc. received a one-time grant from North Carolina in 2006 worth $72.8 million, making it the No. 2 company to cash in on Tar Heel incentives.
     
  • No. 3 to 10 companies using North Carolina incentives: Siemens ($66.9 million), Electrolux ($48.6 million), General Electric ($46.6 million), Merck & Co., Inc. ($41.3 million), Dell ($37 million), Goodyear Tire & Rubber Company ($33.2 million), Quintiles Transnational Corp. ($31.6 million), Bridgestone Corp. ($30 million)
     
  • Neighboring states offer more incentives by total cost but also per capita: $869 million in South Carolina or $194 per capita; $1.58 billion in Tennessee or $249 per capita; $1.29 billion in Virginia or $161 per capita.
     
  • North Dakota and South Dakota, which rank No. 1 and 3 respectively in unemployment, provide among the fewest incentives of any state by total cost and per capita. They have been buoyed by an oil boom. Nevada offers similarly few incentives but ranks dead last in unemployment.
     
  • Texas by far leads the way in total cost spent on incentives, giving $19.1 billion per year via various state and local programs; at $991 per resident, Alaska leads in per capita spending, but the state has no sales tax individual income tax and operates instead on taxes on industry.

Comments

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

How about the incentives handed out down there at the GTP

I think the total incentive package for Spirit down at the GTP was to be somewhere in the range of $240 million.  I believe the Golden Leaf Tobacco Fund gave the first $100 million.  So where are we at with the GTP?  Have we hit the 100,000 employee number yet?

RE: INCENTIVES PAY OUT TO COPORATE ELITIST FROM N.C. TAXPAYERS

 I n myown personal opinion  these tax incentive programs should be stopped immedately or sooner . it is nothing short of a fincinal give away program for the coporate welfare of coporation that are already rakeing in millions of dollars every fiscal quater according to their coporate income statement posted on line. i say that if they want to locate hee in north carolina because of our cheap an heavely suppressed wage structure then let them come on down or up here an do so but it is truely wrong to intice them to odo so at the expense of the states taxpayers when the state as whole is already operating in the red. so put a stop to it now do not wait do it now. the promise of jobs for the citizens of this state are nothing but that promises that will never be met by the coporate instrest jusr look a the fomer DELL DEAL an other that have fail through buyt the coportion got to keep the incentive in the give away of the coporate welfare deal handed over to them by our state politicans thank you

Cars View All
Find a Car
Go
Jobs View All
Find a Job
Go
Homes View All
Find a Home
Go

Want to post a comment?

In order to join the conversation, you must be a member of dome.newsobserver.com. Click here to register or to log in.
Advertisements