Corporate Taxes


Corporate Income Tax

The corporate income tax rate for North Carolina is 6%.

There is no local income tax.


Franchise Tax

Levied on NC corporations annually.

Rate: $1.50 per $1,000 of the largest of the following:

  • Capital stock, surplus and undivided profits
  • 55% of appraised ad valorem tax value of all tangible property in North Carolina
  • Actual investment in tangible property in North Carolina

 

Sales Tax

Retail Sales & Use Tax Rate is 6.75% (4.75% - State, 2.0% - County)

Highway Use Tax on Automobiles 3% with a maximum tax of $1,500.

Raw materials, containers, labels, packaging and shipping materials and motor vehicles are exempt from the sales and use tax.

 

Incorporation Fee

A fee of $125 is levied upon filing articles of incorporation. A fee of $250 is levied for the application of certificate of authority. Various other fees are assessed for documents filed with the Secretary of State.

 

Special Provisions

Pollution abatement and recycling equipment, OSHA-mandated equipment, and equipment to reduce hazardous waste receives special treatment under the state's tax laws.

Source: North Carolina Department of Revenue

 

2012 Property Tax Rates

2012 Property Tax Rates

Wake County

$0.534

Angier

$0.53

Apex

$0.39

Cary

$0.33

Clayton

$0.525

Fuquay Varina

$0.385

Garner

$0.49

Holly Springs

$0.435

Knightdale

$0.41

Morrisville

$0.3665

Raleigh

$0.3826

Rolesville

$0.44

Wake Forest

$0.51

Wendell

$0.49

Zebulon

$0.5125

Taxes are calculated against each $100 in value. If you live in a city or town, you will pay both County and Municipal property taxes, plus any additional special taxes that may apply.

For more information, or to determine if any special district taxes or fire district taxes apply to your specific location, please visit the Wake County Revenue Department website.

Source: Wake County Revenue Department

 

Workers Compensation

According to the National Council on Compensation Insurance, North Carolina workers compensation legislation and insurance rates are generally more fiscally responsible and cost employers less money than in other states.

For additional information, please contact the following agencies:

NC Industrial Commission
4340 Mail Service Center
Raleigh, NC 27699
919.807.2501

NC Rate Bureau
5401 Six Forks Road
Raleigh, NC 27609
919.582.1053

 

Unemployment Insurance

2012 Taxable wage base - $20,400
Standard rate for company new to NC (First two years) - 1.2%
Minimum rate - 0.0%
Maximum rate - 6.84%

For more information, contact:

North Carolina Employment Security Commission, UI Division
PO Box 26504, 700 Wade Avenue
Raleigh, NC 27611-6504
919.707.1150

 

Source: www.raleigh-wake.org

Contact Us

Wake Forest Economic Development

301 S. Brooks Street

Wake Forest, NC 27587

919-435-9400

News & Blog Posts

Wake Forest among top 10 fastest growing cities in NC!

July 11, 2016

Wake Forest is one of the top 10 cities in NC with the largest population increases between 2010 and 2015.  The 10 cities with the largest population increases between 2010 and 2015 contain 25% of the state’s total population but make up half of the total population growth over the five-year period. 

Read Full Press Release