Taxes & Incentives

In addition to the low cost of doing business in Greensboro-High Point, we can offer competitive financial incentives for companies looking to expand or relocate.

Low Cost, High Value

Taxes in Guilford County and North Carolina

Within the past decade, North Carolina has transitioned into a low-tax state, offering competitive advantages compared to neighboring states.

North Carolina ranks #10 in the nation in the Tax Foundations’ 2021 State Business Tax Climate Index, one of only two states in the Southeast. Our corporate tax rate of 2.5 percent is the fourth lowest in the nation.  North Carolina does not have an inventory tax and offers sales tax exemptions for manufacturers among other business sectors.

In North Carolina, building costs are generally 16 percent lower than the national average and electricity costs are seven percent lower than the national average. Cost of living in Greensboro-High Point is 93 with 100 being the national average.  For many indicators, our area offers lower cost living and higher profit working.

Property taxes are calculated and collected at the local level; tax rates are per $100 of value with real estate revaluation every five years.  For current property tax rates and inquiries, visit the Guilford County Tax Department website.

 

Quick Links

Incentives – Economic Development
Partnership of North Carolina

North Carolina Department of
Commerce – Competitive Incentives

Guilford County Tax Department

Business Taxes in North Carolina

Local and State Incentives

Incentive programs help companies by lessening tax burdens and lowering overall company costs.

Local and state incentives offer the best value for your money when expanding or relocating here. Business incentives in Greensboro-High Point include job creation grants, environmental sustainability funding and tax increment financing districts.  Local incentives are generally performance based on job creation or investment in taxable property. Your Greensboro-High Point Economic Development professional can guide you to evaluate available incentives.

There are several Opportunity Zones in Greensboro-High Point that allow investors to defer, reduce or eliminate unrealized capital gains if reinvested in designated zones.  The federal Tax Cuts and Jobs Act of 2017 provides the basis for this program. 

City of Greensboro Opportunity Zones and Interactive Map

City of High Point Opportunity Zones

Start a Business Here

The state of North Carolina offers a number of economic incentives for companies considering an expansion or relocation to the state. These incentives include tax credit programs, discretionary financial incentive programs and reduced rate allowances for eligible industries. Tax credits in North Carolina are available as well.

The Job Development Investment Grant (JDIG) is a performance-based, discretionary incentive program that provides cash grants directly to new and expanding companies to help offset the cost of locating or expanding a facility in the state. The One North Carolina Fund (OneNC) is a discretionary cash-grant program that allows the Governor to respond quickly to competitive job-creation projects. The North Carolina Department of Commerce administers OneNC on behalf of the Governor. Awards are based on the number of jobs created, level of investment, location of the project, economic impact of the project and the importance of the project to the state and region.

North Carolina offers tax exemptions for certain industries and facilities including manufacturing, research and development operations, data centers and large fulfillment facilities, among others.

Rankings,
Facts & Figures

NC property

tax rate is 0.86%, below
national average of 1.08%

15%

historic preservation tax credit

North Carolina

is ranked as the #1 Competitive
State by Site Selection (2018)

North Carolina's

corporate income
tax rate is 2.5%

North Carolina

ranks #4 in the nation for
lowest corporate tax

Sales & Use Tax

is 6.75%

Marshall Yandle

Vice President,
High Point Economic
Development Corporation

336-883-3116

MARVIN PRICE

Executive Vice President
of Economic Development,

Greensboro Chamber of Commerce

336-387-8301