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COUNTIES ELIGIBLE FOR THE 1992 JOBS TAX CREDIT AND INDUSTRIAL BUILDING RENOVATION FUND PROGRAM

 COUNTIES ELIGIBLE FOR THE 1992 JOBS TAX CREDIT
 AND INDUSTRIAL BUILDING RENOVATION FUND PROGRAM
 RALEIGH, N.C., Dec. 18 /PRNewswire/ -- Secretary Estell C. Lee of the North Carolina Department of Economic and Community Development today announced those counties designated eligible to participate in the Jobs Tax Credit and the Industrial Building Renovation Fund program for the year beginning Jan. 1, 1992.
 These programs were enacted by the 1987 General Assembly to help create new and better jobs in rural and remote areas of North Carolina. These areas of the state have not shared in the growth and prosperity generally present in most of North Carolina, and efforts to attract employers in distressed areas have been most successful when new or expanding manufacturing industry participates in the Jobs Tax Credit and Building Renovation Fund program.
 The Jobs Tax Credit and Industrial Building Renovation Fund programs have helped to create some 15,000 jobs in over 37 counties. The impact of these two programs provide the entire state with equality in competitive financial incentive programs. Because of these programs, North Carolina is not eliminated when companies start the process of selecting which of the 50 states they will visit.
 Under the Jobs Tax Credit law, manufacturing firms in 33 counties designated as "severely economically distressed" can earn a credit against North Carolina income tax by crediting new jobs, after a minimum requirement of nine new jobs is met. The credit, which is $2,800 for each new job, is taken over a four-year period ($700 each year) and may be used to reduce up to 50 percent of the North Carolina tax liability after other credits are taken.
 Similarly, the designation of the 50 "most economically distressed" counties enables manufacturing firms in those counties to utilize the financing opportunities of the Building Renovation Fund where new jobs are added. Program funds to renovate existing industrial buildings or for directly related infrastructure are obtained through the county or one of its local units of government. The maximum amount of financing available under this program is $1,200 for each job created, up to $250,000, or the cost of renovation, whichever is less.
 Counties which qualify for both of these programs are as follows:
 Anson Columbus Hyde Montgomery Swain
 Ashe Duplin Jones Northampton Tyrrell
 Bertie Edgecombe Lenoir Person Vance
 Bladen Graham Madison Richmond Warren
 Caswell Halifax Martin Robeson Washington
 Cherokee Hertford McDowell Sampson
 Clay Hoke Mitchell Scotland
 Another seventeen counties that qualify for the Industrial Building
 Renovation funds are as follows:
 Alleghany Chowan Harnett Rockingham Yancey
 Avery Cleveland Haywood Rutherford
 Beaufort Franklin Jackson Wayne
 Brunswick Greene Perquimans Wilson
 For more information on these programs, contact the North Carolina Department of Economic and Community Development Commerce Finance Center at (919) 733-5297.
 -0- 12/18/91
 /CONTACT: Georgia Dees, North Carolina Department of Economic and Community Development, 919-733-7651/ CO: North Carolina Department of Economic and Community Development ST: North Carolina IN: SU:


DF -- CH014 -- 3555 12/18/91 16:13 EST
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Publication:PR Newswire
Date:Dec 18, 1991
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