In an effort to provide incentives for certain industries to locate in North Carolina, the William S. Lee Act was established by the NC General Assembly in 1996 and amended in 1997,1998 and 1999. The basic purposes of the Act are to bring economic development to pockets of poverty in municipalities throughout the state that have not shared in the economic gains of the state as a whole by attracting new companies and encouraging existing companies to expand and provide investment and workforce. Tax credits are tiered with the highest credits allowed in the most distressed counties of North Carolina.
Incentives are limited to certain industries and above-average wage companies.
To qualify for these credits, businesses will need to meet the wage standard in the William S. Lee Act that applies to Tier 5 counties. The basis for identifying and qualifying an area as a development zone is census tracts and census block groups as defined by the most recent decennial Census. The zone must be wholly or partially within a city with a population of more than 5,000 people according to the most recent certification by the North Carolina Office of State Planning. Population of the zone must be 1,000 persons or more. In an effort to qualify a zone for designation in Greensboro, City Planning staff collaborated with Greensboro Area Chamber of Commerce and the Office of Business Development staffs.