Incentives

There are various incentives programs offered at the local, county and state level to help reduce the overall cost of doing business for companies locating and/or expanding in our area.

Local Incentives
Our Future Funds Committee can allocate funding for projects in grant form or potentially through loans. Incentives proposals are processed by our Future Funds Committee and Town of Wake Forest Commissioners and decided on a case by case basis. Please contact Jason Cannon for more information.

State and County Incentives
North Carolina’s targeted, performance-based incentive programs greatly lessen the tax burden and lower the overall costs for companies who are locating and doing business in our state. If a business creates a certain number jobs, invests significantly in equipment and real estate, or performs qualified R&D, it may be able eligible to receive incentives.

Below you will find descriptions of specific tax credits and programs available through the NC Department of Commerce for business. If you qualify, we are available to assist you through the process of obtaining these funds.

Tax Credits

  • Article 3J Tax Credits - Provides tax credits to qualifying businesses for job creation, investment in business property and in some cases investment in real property.
  • Interactive Digital Media Tax Credit – Tax credits that exceed $50,000 that are paid during the taxable year (15 % compensation for full-time employee, & 20% expensive to North Carolina Universities or Community Colleges.


Discretionary Programs

  • Job Development Investment Grant (JDIG) - Provides a limited number of cash grants to new and expanding businesses that will provide economic benefits to the State, and need the grant to carry out the project in North Carolina.
  • One North Carolina Fund - Awards grants for job creation and/or retention in conjunction with local government matches.

 
Sales and Use Tax Discounts

Cost Saving Programs

  • Foreign Trade Zones - Provides opportunities to defer, reduce and/or eliminate import duties.
  • Industrial Revenue Bonds - Provides tax-exempt financing for eligible new or expanded manufacturing facilities, certain solid waste disposal facilities and sewage disposal facilities.
  • Film Incentives - Provides tax credits and sales and use tax discounts to encourage film and television production in North Carolina.

 
For more information on incentives, see Wake County Economic Development and North Carolina Department of Commerce websites.

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