Specific State and Local Taxes for Business
Corporate Income and Franchise Tax
Income Taxes for S Corporations
Limited Liability Companies
Other Income Tax Credits
1) investing in renewable energy property;
2) construction of low-income housing;
3) rehabilitating historic structures and historic mills;
4) construction of cogenerating power plants;
5) qualified film or television production expenses;
6) qualified expenses of research performed in the state;
7) construction or leasing of a railroad intermodal facility in the State, and
8) manufacturing cigarettes for exportation.
Privilege Taxes on Certain Machinery and Equipment
Starting a business in North Carolina
PITT COUNTY BUSINESS PERSONAL PROPERTY
PITT COUNTY REAL PROPERTY
Property Tax Exemptions and Exclusions
-Manufacturing inventories (raw materials, goods in process, finished goods, materials or supplies consumed in processing)
-Contractors’ inventories (goods held by contractors to be furnished in the course of building, installing, repairing, or improving real property), livestock, poultry, and feed used in production of livestock and poultry, and inventories of retail and wholesale merchants (tangible personal property held for sale and not manufactured, processed, or produced by the merchant).
-Computer software. This exemption does not apply to embedded software and capitalized software purchased or licensed from an unrelated entity.
-Property which has been imported from a foreign country and is stored at the seaport terminal while awaiting further shipment is exempt for the first year of storage.
-“Bill and hold” goods manufactured in North Carolina and held by the manufacturer for shipment to a nonresident customer are exempt.
-Motor vehicle chassis belonging to nonresidents which enter the State temporarily for the purpose of having a body mounted thereon are exempt from taxation.
-Nuclear materials held for the purpose of, or in the process of, manufacture or processing, or held by the manufacturer for delivery are exempt from taxation.
-Improvements on brownfields properties are partially excluded from property taxation. The exclusion is for a five-year period beginning when the improvements are made and declines during the period from 90% of the appraised value for the first year to 10% for the fifth year. The improvements are fully taxable in the sixth and subsequent years after the improvements are made. The property must be subject to a brownfields agreement entered into by the owner with the Department of Environment and Natural Resources pursuant to G.S. 130A-310.32.
-Property used to reduce air or water pollution receives special treatment under the tax laws of North Carolina if the Environmental Management Commission or local air pollution control program certifies that the property complies with the requirements of the Commission. Such real and tangible personal property is exempt from taxation under the property tax laws. Furthermore, the cost may be excluded from the three alternate bases in computing the franchise tax and may be amortized over 60 months for corporation income tax purposes.
-Personal property used exclusively for the prevention or reduction of dust in textile plants is also exempt from local property taxes.
-Equipment or facilities installed for the purpose of recycling solid waste or resource recovery from solid waste receives the same treatment under the tax laws as that given to pollution abatement equipment described above.
PITT COUNTY USE VALUE PROGRAM
PITT COUNTY ONLINE PARCEL INFORMATION SYSTEM