The City of Lexington works closely with the North Carolina Department of Commerce and the Davidson County Economic Development Commission to assist expanding and new businesses within our community to optimize investment through the use of incentives.
Within North Carolina, businesses locating or expanding within distressed counties and areas designated as Urban Progress Zones (formerly State Development Zones) are eligible for economic development tax incentives, which are made available through the Article 3J Program enacted by the NC General Assembly in 2006. The North Carolina Department of Commerce has designated Urban Progress Zone #050 within the City of Lexington.
Article 3J provides three types of tax credits to eligible taxpayers that undertake qualifying activities in North Carolina:
• Credit for creating jobs
• Credit for investing in business property
• Credit for investing in real property
These credits may be combined to offset up to 50 percent of the taxpayer’s state income and franchise liability. Unused credits may be carried forward for up to five years (15-year carry forwards apply to the credit for investing in real property and 20-year carry forwards exist for taxpayers that invest at least $150 million over a 2-year period).
A full explanation of this program, along with information on other economic development incentives, is contained within the Economic Development Incentive Information part of the Economic Development Partnership of North Carolina website.
For further information on the City of Lexington's Urban Progess Zone, please contact Tammy Absher, Director of Business & Community Development for the City of Lexington, NC.Interested in locating or expanding your business in Lexington?
Craig Goodson, President/CEO at the Davidson County Economic Development Corporation or call 336-243-1900.
We also welcome and offer you many avenues to contact City of Lexington government leaders. Our City Council, City Administration and Office of Business and Community Development stand ready to welcome and support your business in Lexington!