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Report recommends N.C. shift away from some incentives
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Published: January 13, 2009
A university report is recommending that North Carolina drop some of its business tax credits that began in the 1990s because they no longer work well in creating jobs.
Brent Lane with the University of North Carolina Center for Competitive Economies released the findings Tuesday. The report was given to a legislative committee examining the future of economic incentives.
Lane said the state should shift away from credits generated for each job created and for buying plant machinery. The report says the state should move toward research and development tax credits and cash grants to companies that meet performance standards.
The center's report also recommended the state's corporate income tax rate be reduced from 6.9 percent to 6.5 percent.
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