Wayne County Taxes & Incentives
No matter how nice it is to live in the county, we realize the ability for companies to succeed may matter more. We are committed to offering a low cost of doing business. Our state and local taxes are kept low to encourage growth. We also offer incentives at the state and local level to promote business relocation and expansion.
State & Local Taxes
The benefits of living and working in Wayne County and North Carolina include our very reasonable local and state tax rates. North Carolina boasts a corporate tax rate of just 4%, one of the lowest rates in the country. Additionally, Wayne County’s property tax rate is just .6635%, well below the national average.
The One North Carolina Fund is awarded to companies who are seeking expansion in North Carolina whom already have a competing location outside the state. The funds can be used for structural renovations, utility improvements, or the purchase of new equipment.
The Industrial Revenue Bond provides financing to qualifying manufacturing and solid waste disposal facilities through low-interest, tax-exempt bonds. The funds may be used for land costs, facility builds and improvements, and equipment purchases.
North Carolina’s Industrial Development Fund (IDF) provides incentive industrial financing grants and loans available to local municipal or county government applicants located in the 80 most economically distressed counties (Tier 1 or Tier 2) in the State. As a tier 2 county, Wayne County companies can submit these applications. Applications are reviewed and approved by the Secretary of Commerce; Awarded funds must be used for construction of or improvements to existing utilities or transportation infrastructure.
This grant is a discretionary incentive that provides sustained annual grants to new and expanding businesses, measured against a percentage of withholding taxes paid by new employees. In order to continue receiving funds, a business must meet a rigorous set of criteria, including providing proof of jobs created and a demonstrated need for the grant.
Wayne County offers local incentives to qualifying industries based on investment, jobs and wages.