Interest is charged for late payment. Registered vehicles are taxed on a staggered basis. The tax is due in the fourth month following registration or renewal of registration. Tax N.C. Corporation Income Tax Franchise Tax N.C. Tax Credits and Incentives North Carolina recently enacted the Quality Jobs and Expansion Act, allowing competitive incentives for company expansions and relocation to North Carolina. The state has often led the Southeast in relocations and expansions of industry, but increasingly firms are looking at what it costs to do business.
Incentives often make the difference.
Major areas of the new act include investment, job creation, business property purchases and training credits. Firms with at least five full-time employees working 40 or more weeks during the taxable year can take a N. C. tax credit for each new job created, taken in equal installments over four years. The amount of the credit varies from county to county. The credit is taken in five equal installments beginning in the taxable year the property is placed in service. All tax credits can be taken against the state corporate income tax or franchise tax and have a five year carry-forward for each eligible year.