Charlotte-Mecklenburg Economic Development Guide

Charlotte-Mecklenburg

Economic Development Guide

Charlotte’s Economic Development Guidecharlotte.global 3

Charlotte-MecklenburgEconomic Development Guide 2016

Introduction to Doing Business in Charlotte

Mecklenburg County Map

Population

Labor and Industry

Transportation

Legal aspects

Immigration and Visas

Taxes

Incentives

Commercial Real Estate

Residential Real Estate & Group Moves 26242016121087654

http://charlotte.global

Charlotte’s Economic Development Guide4

Thank you for your interest in establishing a business operation in Charlotte. The Charlotte Chamber is 100 percent financially supported by private businesses doing business in the Charlotte area. Many of these companies work on a continual basis to advise companies on various aspects of doing business in Charlotte and the United States. We hope that you will contact them and our advertisers in this publication for more detailed assistance when you are ready to go forward with your project in Charlotte.

Our award-winning team of economic development and research professionals at the Charlotte Chamber also stand ready to assist you with information and other assistance you may need as you consider Charlotte for your location. Our services are free to your company and are provided in a confidential manner. Contact any of our team for further assistance with:

• Coordinating site location visits to Charlotte

• Charlotte demographics and other market data

• Identifying potential commercial real estate options

• Securing workforce development and training assistance

• Contacts with local utilities providers

• Employee and spouse relocation assistance

• Contacts with state and local governmental agencies

• Permitting and regulatory processes

• Applications for state and local incentives

• Identification of potential suppliers and vendors

The Charlotte Chamber would like to thank Elliott Davis Decosimo, EY, K&L Gates and Parker Poe for providing information used in the development of this guide.

Introduction to Doing Business in Charlotte

Contact Economic Development:

Jeffrey L. Edge, CEcDSenior Vice PresidentEconomic [email protected]

Eileen CaiVice PresidentEconomic Development – Asian [email protected]

Sven GerzerVice PresidentEconomic Development – European & Indian [email protected]

Kati HynesVice PresidentEconomic [email protected]

Andrea WareDirectorEconomic Development [email protected]

Contact Research:

Natalie DickVice PresidentCommunications & [email protected]

Alyssa BrownDirectorResearch [email protected]

Chuck [email protected]

The Charlotte Chamber’s economic development team.


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AlbemarleCHARLOTTE • DOUGLAS

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MECKLENBURG


Charlotte’s Economic Development Guide charlotte.global6

Population

United States

North Carolina

Mecklenburg County

Charlotte

Median Age

Source: U.S. Census Bureau

Total

Male

Female

37.7

36.3

34.7

33.6

38.3

36.7

33.8

32.9

39

35.7

39.8

34.6

Household Income City of Mecklenburg Charlotte CountyMedian income . . . . . . . . . . . $64,954 . . . . . . . . . .$68,364Mean income . . . . . . . . . . . . . $90,009 . . . . . . . . . .$93,380Source: EASI Demographics

96%Cost of living

in Charlotte compared to the national

average.[C2ER Inter-City Cost of Living Index, 2014]

Town of Davidson11,750

Town of Pineville14,475

Town of Mint Hill24,543

Town of Cornelius26,898

Town of Matthews

29,384

Town of Huntersville

50,458

City of Charlotte809,958

Mecklenburg County

1,012,539



Labor and Industry

Headquartered companies

Source: N.C. Division of Employment Security, Quarterly Census of Employment and Wages, 2014 Annual Averages

34.7%of the regional economy is supported

by headquarters operations

529,649Total impact of jobs supported by

headquarters operations

$34.8 billionin total wages, salaries and benefits

986foreign-owned companies in the Charlotte area. There

were only 606 in 2003.

Jobs by Occupation, Charlotte MSA

0 50,000 100,000 150,000 200,000 250,000

Office and Administrative Support

Sales and Related

Food Preparation and Serving Related

Production

Transportation and Material Moving

Management

Business and Financial Operations

Healthcare Practitioners and Technical

Education, Training and Library

Construction and Extraction

Installation, Maintenance and Repair

Building & Grounds Cleaning & Maintenance

Personal Care and Service

Computer and Mathematical

Healthcare Support

Protective Service

Arts, Design, Entertainment, Sports and Media

Architecture and Engineering

Community and Social Services

Legal

Life, Physical and Social Science

Farming, Fishing and Forestry



Commercial AirportCharlotte Douglas International

Major Airlines . . . . . . . . . . . . . . . . . . . . . . . . . . 8Regional Carriers . . . . . . . . . . . . . . . . . . . . . . . . 4Foreign Flag Carriers. . . . . . . . . . . . . . . . . . . . . . . 3Daily Flights . . . . . . . . . . . . . . . . . . . . . . . . . . 680Direct/Nonstop Flights . . . . . . . . . . . . . . . . . . . . . 151

RankingsTotal operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6Total passengers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8Cargo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .34

Transportation

Public transportation plays a significant role in connecting the people of Charlotte. The Charlotte Area Transit System (CATS) is growing at a rapid pace, serving Mecklenburg County and the five surrounding counties. The LYNX Blue Line is the region’s first light rail system, running from South Charlotte to Center City and is currently being extended 9.3 miles through northeast Charlotte. Charlotte Douglas International Airport (CLT) hosts over 43 million passengers a year with nonstop flights to 151 destinations, 38 of which are international. Norfolk Southern opened an intermodal facility at CLT that links air, rail and truck services to East Coast seaports.

Air Cargo Loaded (tons) . . . . . . . . . . . . . . . . . . . . .63,910

Air Cargo Unloaded (tons) . . . . . . . . . . . . . . . . . . .68,434

Source: Charlotte-Douglas International Airport, Fast Facts

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Air – Charlotte Douglas International Airport (CLT)• CLT ranks sixth nationwide and seventh worldwide for total

operations• It is the eighth largest airport based on passenger totals• 9 Major airlines• 683 Daily flights• Nonstop service to 151 destinations, 38 of which are

international

Public Transportation• Covers 11 municipalities• Spans 425 square miles• Largest system between DC and Atlanta• Charlotte Area Transportation System (CATS) Buses• 374 buses; 13 hybrid electric• 74 routes• ADA accessible• 24.3 million passengers

LYNX Light Rail• 9.6 mile track• ADA accessible• 15,000 riders per day

Charlotte Area AMTRAK Station Locations• Charlotte• Gastonia• Kannapolis

Highways & Trucking• Charlotte is the meeting point for major U.S. Interstates —

77 and 85• 13 U.S. and state primary highways run through the region• Charlotte is home to over 300 trucking firms • 40 percent of the nation’s 100 largest trucking firms have

operations in Charlotte

Rail & Intermodal• Largest consolidated rail system in the U.S.• 300 trains pass through Charlotte each week• Hubs for CSX Transportation and Norfolk Southern• Links to 27,000 miles of rail systems between the region and

23 other states

Port & Intermodal Facilities• Inland port that handles more than 32,000 containers annually• Easy accessibility to Port of Charleston and Port of Wilmington• Charlotte Intermodal Terminal is the first fully operational

inland container staging and storage facility operated by a port authority

• Norfolk Southern TBT, Norfolk Southern CSX, and RSI Leasing all have intermodal facilities in Charlotte

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Legal Aspects

Doing Business in North CarolinaA company must decide which structure for its business will be the most appropriate for its operation in North Carolina (or the United States in general). There are several entities that can be chosen by an investor with the most common being subchapter C corporations and limited liability companies. Each type has its own advantages and disadvantages. The following summaries provide a bit more information on each.

CorporationsCorporations offer a significant advantage by providing limited liability to the shareholders. North Carolina corporations are often set up as a wholly owned subsidiary of the foreign parent company or is directly owned by the private owners of the foreign company. In addition, joint ventures and other mixed ownership scenarios are also possible. The formation of a corporation in the United States is governed by state law and not by federal law.

Foreign investors should consider the tax implications relating to the formation and operation of a North Carolina corporation. The North Carolina corporation will be subject to federal and state income taxes. The maximum federal corporate income tax rate is 35 percent while the maximum North Carolina corporate income tax rate is 4 percent in 2016.

The main disadvantage of a corporate form of doing business in the United States is the double taxation of income. Any taxable net

income of the corporation will be taxed at the federal and state corporate income tax rates. Also, when the after-tax profits of the corporation are distributed to its shareholders, the shareholders are also taxed at the federal and state rates on these distributions. The tax paid by the shareholders will vary depending on their location. If the shareholder resides in the United States, the distributions will generally be taxed at a flat 30 percent rate. This rate may be reduced is the U.S. has a tax treaty with the foreign investor’s home country.

Limited Liability Companies (LLC)An LLC in essence is a hybrid of a corporation and a partnership. It can provide its owners with the limited liability enjoyed by the

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shareholders of a corporation with the additional advantage of a single level of federal and state taxation in the United States. Members only pay tax on the taxable income of the LLC and “double taxation” in the United States is avoided.

The disadvantage of an LLC is that the foreign member of an LLC must pay tax on its income from the LLC and must file U.S. tax returns. There are ways to structure a U.S. investment so that the foreign investor’s main operating company is not exposed to U.S. taxation through an LLC. Much of this structuring involves tax considerations in the foreign investor’s home country. In deciding between doing business in the United States through an LLC or a corporation, the tax laws of the foreign investor’s home country should also be considered so the structure with the maximum overall benefit for the investors can be established.

Other EntitiesOther forms of business entities available to a foreign investor include general partnerships and limited partnerships. Foreign investors generally do not choose a general partnership because each partner’s potential liability is unlimited.

A limited partnership may be selected in certain circumstances. A limited partnership has two classes of partners. The general

partner(s) generally manages the day-to-day operations of the partnership and has unlimited liability for all debts and obligations of the limited partnership. Limited partners are similar to shareholders in a corporation in that they have limited liability and their losses are limited to the value of their investment in the limited partnership.

Hybrid entities are an entity that is taxed in one country as a corporation but in another country as a partnership. This structure could create significant tax advantages. Depending on the tax system in the foreign country of the members, the LLC may be taxed in the foreign country as a partnership. Whether the advantage of this hybrid tax treatment is available will depend on the respective income tax treaty between the United States and the foreign country. Investors should consult with their tax advisors to determine the applicable tax laws of their respective countries.

Legal IssuesForeign companies must consider various legal issues for doing business in North Carolina. The issues may vary from company to company and will often depend on the company’s size as well as its industry sector. A summary of some of the common legal issues which foreign companies encounter follows.



Immigration and Visas

U.S. immigration laws are very complex and can cause problems and delays for those who fail to plan ahead. U.S. immigration laws distinguish between two types of persons: nonimmigrants (persons coming to the United States for a limited temporary period of time for business or pleasure) and immigrants (persons intending to remain in the United States permanently).

Generally, petitions or applications for immigration benefits are submitted either directly to a U.S. embassy or consulate abroad or to U.S. Citizenship and Immigration Services. Lawful Permanent Residency (also known as the Green Card) may be obtained in a number of ways, principally through employment or a family relationship.

The permanent residency process can take several years, so foreign nationals and employers should consider long-term plans as soon as possible. Most foreign employees work in the United States pursuant to a short-term, nonimmigrant visa. There are six commonly used nonimmigrant visas: the B-1, L-1, E, H-1B, O-1 and TN (or NAFTA) visas.

B-1 Business Visitor VisasThe B-1 business visitor visa enables a business traveler to visit the United States for a short period of time (normally six months or less) with extensions possible in some cases. He or she may not work for a U.S. company or be paid in the U.S.

Visa Waiver ProgramSimilar to the B-1 visa, citizens of most European nations, Japan and certain other countries may take advantage of the Visa Waiver Program to enter the United States for a period of 90 days, provided they are not paid in the U.S. and meet certain other requirements including having a machine-readable passport.

L-1 Intra-company Transferee VisasAvailable for managers, executives and individuals with “specialized knowledge” of the company’s business or products who have worked abroad for at least one year within the preceding three years with a related company.

E VisasProvided for by a treaty between the United States and many foreign countries, the E visa authorizes the employment by U.S. companies of executives, managers or those individuals who hold essential skills. An E-1 visa application requires proof that “substantial trade” between the U.S. and the treaty country is being carried out by the U.S. company. An E-2 visa application requires a showing that a “substantial investment”

has been made by an overseas company or by foreign nationals in the United States.

H-1B VisasH-1B Visas are available to individuals coming to the United States to be employed in specialty occupations. Specialty occupations include those that require the services of a professional with a university degree (of equivalent), such as scientists, engineers, computer systems analysts and some marketing specialists. H-1B visas may be issued for an initial three-year period and may be extended for an additional three years, for a maximum consecutive period of six years. There is an annual cap on the number of new H-1B visas that are granted each fiscal year.

O-1 VisasO-1 Visas are available to aliens of extraordinary ability, including exceptional ability in business. To obtain O-1 classification, he or she must establish that he or she has achieved national or international acclaim. An O-1 petition may be approved for an initial period of three years, and extensions may be granted in one-year increments.

TN or NAFTA VisaPermits citizens of Canada or Mexico to work in the United States in certain specialty occupations, such as lawyers, accountants or engineers. Canadian TN applicants may be granted a three-year admission, and Mexican TN applicants may be granted a one-year visa, but should be admitted to work for three years. The visas may be extended indefinitely so long as the foreign national has non-immigrant intent.

Product LiabilityMost states in the U.S. generally follow the doctrine of strict liability. This means that if an individual is injured by a defective

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product, everyone along the chain of distribution is liable to the individual regardless of the degree of care used in the testing, marketing, sale or maintenance of the product. Although not always the case, liability most often rests with the manufacturer. Most entities doing business in the United States should obtain product liability insurance. A good product liability insurance policy should protect the entity against claims for the defective manufacture of products and should cover the cost of defending product liability for personal injury or property damage brought against the entity. However, product liability insurance should be viewed as a complement, not an alternative, to the other ways of minimizing the risk of product liability.

Terms and ConditionsA North Carolina business will need terms of sale and delivery that comply with U.S. law. Most states have adopted the Uniform Commercial Code, a uniform set of Statutes governing the sale of goods that is slightly modified from state to state. The rules codified in these statutes must be followed precisely when selling in the United States. Terms and conditions usually address such important issues as limitation of warranties and exclusion of certain damages. The North Carolina entity should also use terms and conditions of purchase when purchasing products or materials. These are particularly useful for frequent purchases of sophisticated products or materials used in the entity’s operations or production.

Corporate PremisesNorth Carolina businesses will need premises from which to operate. Leases for office space or manufacturing or warehouse facilities will often be lengthy documents containing many legal provisions. Landlords will typically provide the first draft of a commercial lease; however, the landlord’s form will often be drafted heavily in its favor. Landlords are generally reluctant to make extensive revisions to their form depending on the market and bargaining positions. It is therefore important for the prospective tenant to understand which lease provisions should be focused upon in a lease negotiation.

If a company decides to purchase developed or undeveloped land in North Carolina, it will enter into a contract with the seller to purchase and sell real property. The contract will not only dictate the purchase price, but will also govern the relationship between the prospective purchaser and seller during the due diligence period before closing and may include seller warranties which survive the closing. Due diligence activities may include a title search, property survey, phase I environmental study, feasibility study, property appraisal and obtaining financing commitments. It is important that the contract provide that the prospective purchaser is only required to close on the sale if the due diligence inquiry yield results satisfactory to the purchaser.



Immigration and Visas cont.

Employment IssuesLaws in the United States regarding the employment of workers are less restrictive than in most foreign countries. North Carolina, in particular, promotes an effective and efficient workforce. North Carolina is a “right to work” state which means that the right of a person to work for a particular company cannot be denied solely because of the employee’s membership or non-membership in any labor union, organization or association. This is beneficial to employers because it discourages the formation of labor unions and helps to keep labor costs down.

North Carolina follows the employment at will doctrine which means without an agreement as to the term or length of employment, an employee can be terminated by the employer, with or without cause, at any time, except for certain illegal reasons. However, employers often require their executive employees to sign a written employment agreement, which generally includes provisions such as salary, benefits, length of employment, notice period for termination, covenants not to compete and covenants not to use or disclose confidential and proprietary information of the employer.

North Carolina also has a trade secret protection act that prohibits employees from using or disclosing information about its employer which is confidential and proprietary. However, many employers require their employees to sign a written confidentiality agreement.

Employers also need to be aware of various employment discrimination laws that protect employees (and prospective employees) from discrimination based on factors such as age, race, gender, religion, sexual orientation, national origin, and physical or mental disabilities.

The amount of wages to be paid to an employee is established by the employer, generally based on market and industry practices (although state and federal laws set a minimum wage that is consistently applied to all industries). For employees who do not fall under a specific exemption, overtime must be paid after 40 hours of work in a given week, at a rate of one and one-half times the employee’s regular rate. In addition, the employer must withhold a certain percentage of the employee’s income to pay certain federal and state taxes and make periodic filings to government agencies regarding the wages of each employee.

In North Carolina, employers are not generally required to grant employees any specific benefits. In practice, however, North Carolina employers may offer certain benefit packages as an incentive for employees to work for them. These benefits generally include one of more of the following: medical insurance, dental insurance, disability insurance, and profit sharing and retirement

plans. Some incentive grant programs require at a minimum that an employer provide medical insurance benefits to its employees in order to qualify for that incentive program.

Many North Carolina employers adopt an employee handbook to govern the behavior of their employees and to describe the benefits being offered by the employer. The handbook will cover important aspects of employment and will inform employees what standards of performance and codes of conduct are acceptable in the workplace.

Environmental IssuesRegulation of activities that have the potential to impact the environment tends to be more detailed in the United States than in other countries. In large part, the federal government creates environmental regulatory programs that are then implemented by the states if the state meets federal standards. North Carolina meets the federal government’s program standards and directly implements the federal Clean Water Act and Clean Air Act as well as other statutory programs aimed at the regulation of activities generating or storing hazardous waste or the underground tank storage of petroleum and hazardous substances.

Businesses locating in North Carolina need to understand whether permits are required by environmental authorities before beginning construction. Permitting issues should be considered at the beginning of the planning process. The time for obtaining a permit can vary from weeks, for a simple sedimentation control permit, to many months if a complicated air emissions permit or wetlands permit is needed.

Intellectual Property IssuesFederal and state laws in the United States provide comprehensive protections and enforcement processes for patents (including design patents), trademarks, copyrights, trade secrets and other forms of intellectual property. The United States is a party to a number of international treaties and arrangements regarding intellectual property.

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Alston & BirdJohn Baron704.444.1434www.alston.com

Axiom LawRayford Davis404.995.6905www.axiomlaw.com

Bradley Arant Boult CummingsDana Lumsden704.338.6034www.babc.com

Bryan Cave LLPKatie Schwarting704.749.8946www.bryancave.com

Buchanan Ingersoll & Rooney PCRyan Briggs704.444.3316www.bipc.com

Cadwalader, Wickersham & Taft LLPStuart Goldstein704.348.5258www.cwt.com

Haynes & BooneScott Night214.651.5523www.hanynesboone.com

Hunton & WilliamsMichael Nedzbala704.378.4703www.hunton.com

K&L GatesMichael Hawley704.331-7438www.klgates.com

Katten Muchin Rosenman LLPHayden Harrell704.344.3142www.kattenlaw.com

Littler Mendelson, P.C.Jerry Walters704.972.7000www.littler.com

McGuire WoodsScott Vaughn704.343.2066www.mcguirewoods.com

Moore & Van AllenErnest Riegel704.331.1000www.mvalaw.com

Ogletree, Deakins, Nash, Smoak & Stewart, P.C.Bernard Tisdale704.342.2588www.odnss.com

Parker PoeAlbert Guarnieri704.372.9000www.parkerpoe.com

Robinson BradshawJon Jordan704.377.2536

www.robinsonbradshaw.com

Shearman & SterlingAdam Hakki212.848.4924www.shearman.com

Sidley Austin LLPJoseph Tompkins, Jr.202.736.8213www.sidley.com

Shumaker, Loop & Kendrick, LLPPhilip Chubb704.375.0057www.slk-law.com

The Hunoval Law FirmMathias Hunoval704.626.4312www.hunovallaw.com

Troutman Sanders LLPWalter Fisher704.998.4044www.troutmansanders.com

Winston & Strawn LLPJack Cobb704.350.7700www.winston.com

Womble Carlyle Sandridge & Rice, LLPJohn Hunter704.331.4951www.wcsr.com

Zeichner Ellman & Krause LLPDavid Chenkin212.826.5319www.zeklaw.com

Immigration and Visa Service ProvidersThe following investor level members of the Charlotte Chamber provide top quality legal services to companies:

Blue color signifies the company is a Charlotte Chamber Economic Development Fund Sponsor

Trademarks can be registered in the United States at both the federal and state levels and, in addition unregistered “common law” trademarks are also protectable in the U.S. Therefore, businesses adopting a new corporate name or introducing a new brand in the United States are well advised to conduct a comprehensive trademark clearance search to determine whether the desired corporate name

or brand can be used without infringing a pre-existing trademark. Patents are issued in the United States only at the federal level. United States patent laws were recently revised to establish a “first to file” patent system (instead of the previous “first to invent” system). If patent protection is desired it is advantageous to file patent applications as early as possible.



The authority to assess taxes on individuals and corporations engaging in business or investment transactions in the United States is shared by federal, state and local government entities. A company’s tax burden will be dependent upon the jurisdictions in which it operates and reports taxable income in the United States.

Each governmental entity charges a variety of taxes. For businesses the federal government may charge a corporate income tax, alternative minimum tax and branch profits tax. Individuals are also subject to a federal income tax. Most states impose a corporate or individual income tax as do some municipalities. Most municipalities will charge a property tax on real estate and personal property of corporations and individuals.

Federal Business TaxesAs previously mentioned in the legal aspects overview, businesses can be structured in a variety of legal forms. Both tax and non-tax concerns ultimately will influence the structure chosen. Corporate taxable income is subject to graduated rates in the United States with a progressive tax schedule ranging from 15 percent to 35 percent. These rates apply to the worldwide income of U.S. corporations and to the income of foreign corporations that is effectively connected with a U.S. trade or business.

A corporation organized or created in the U.S. is a domestic corporation; all other corporations are foreign. Legally, a corporation is considered resident only in the state in which it is incorporated.

U.S. based corporations must pay tax on worldwide income, including income from branches, whether or not the income was repatriated. Profits from overseas subsidiaries are not usually taxed unless they are remitted as dividends or fall under a U.S. anti-deferral regime.

Foreign income of domestic corporations is taxed at regular corporate rates. A foreign tax credit is available for foreign income taxes paid, thus avoiding double taxation on income earned outside the U.S.

Foreign companies are generally subject to U.S. tax on income from U.S. business operations. If a tax treaty is applicable, the income subject to U.S. taxation can vary.

Taxable income is gross income, less exempt income, less deductions. The amount of tax due is determined by multiplying the taxable income or alternative minimum taxable income by the applicable tax rate. Credits may be available to reduce federal income tax liability.

Generally, corporations may deduct all ordinary and necessary business expenses paid or accrued during the tax year. Payments that provide a benefit beyond the tax year generally need to be capitalized. Examples of expenditures that qualify as deductions from gross income include interest paid, depreciation, domestic production activities and other business expenses such as compensation, employee benefits, taxes, research and development, repairs and maintenance, bad debts, travel and entertainment expenses, rent, leasehold expenses, royalties and franchise fees. Many of these deductions are subject to limitations.

Tax CreditsDomestic and foreign corporations are allowed certain credits against their U.S. tax liability. These credits reduce the U.S. tax dollar for dollar. The tax credits include a foreign tax credit for foreign taxes paid on foreign source income subject to U.S. tax; a research and development credit for increased research and development expenditures for business products and processes; other credits tailored to encourage investments in certain activities or types of property.

Tax TreatiesBilateral income tax treaties limit the amount of income or withholding tax that may be imposed by one treaty partner on residents of the other treaty partner. The United States has a network of bilateral income tax treaties covering 66 countries with significant trade or investment with the United States.

Taxes

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Taxes cont.

U.S. Tax WithholdingCertain types of income are subject to tax withholding unless the income items are effectively connected with a U.S. trade or business. These include dividends, interest and royalties and fees.

Turnover and Other Indirect Taxes and DutiesThere is no general federal sales tax or value added tax (VAT) in the U.S. Most states and municipalities levy sales taxes, which are generally assessed on the final consumer purchase, with wholesale transactions remaining tax-exempt.

The federal government levies excise taxes on the manufacture, sale and consumption of certain commodities such as tobacco, liquor and gasoline. These taxes are imposed at the wholesale level and are the legal responsibility of the seller.

State and Local Corporate Income and Franchise TaxesThere are 46 states and the District of Columbia that impose corporate income and/or franchise taxes. In addition, some states impose income taxes on unincorporated businesses such as limited liability companies and partnerships. Some cities also impose corporate income taxes. Franchise tax is levied on an entity for the privilege of doing business in that state.

In North Carolina, the 2016 Corporate Income Tax Rate is 4 percent while the Franchise Tax Rate is $1.50 per $1,000.00 of capital stock, surplus, and undivided profits or other alternative tax schedule. The minimum franchise tax is $35.00 with no maximum except for a qualified holding company where it is capped at $75,000. In 2017 the measure of the franchise tax changes to a newly defined “net worth” basis and the cap for

the holding company will be increased to $150,000. There is no local income tax in North Carolina.

In order for a state to have the authority to tax an entity, there must be a substantial connection or presence between the state and the entity. This connection is referred to as “nexus.” Nexus describes the amount of business activity that must be present before a state can tax an entity’s income. Nexus generally is established by deriving income from sources within the state, owning or leasing property with the state or employing personnel in the state. Some states will allow a limited amount of activity within the state without subjecting the company to tax.

State taxable income generally is based on federal taxable income with certain modifications. Accordingly, a non-U.S. taxpayer whose income is protected by treaty or because it does not have a permanent establishment in the U.S., also may have no taxable income in the state.

Generally states impose tax on multistate tax payers based on a portion of its tax base, determined using a formula based on several factors. The formula may vary from state to state but generally is based on percentages of property, payroll and sales attributable to the state.

Beginning in the 2016 tax year, North Carolina will phase in a single sales factor apportionment over a three-year period. Under the single sales factor phase-in, the sales factor will be given triple weight in 2016 and quadruple weight in 207. In 2018, the property and payroll factors will be repealed

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Tax Advice Service Providers

BDO USA, LLPAngel Harpe704.887.4128www.bdo.com

Cherry Bekaert LLPErik Horstmann704.940-2695www.cbh.com

CliftonLarsenAllen LLPJen Leary704.998.5283www.claconnect.com

CohnReznickHeidi Holquist704.332.9100www.cohnreznick.com

DeloitteTheresa Drew704.887.1910www.deloitte.com

Dixon Hughes Goodman LLPTrey Ackerman704.367.7096www.dhgllp.com

Elliott Davis Decosimo, PLLCJim Hazel704.808.5266www.elliottdavis.com

EYMalcomb Coley704.372.6300www.ey.com

Grant ThorntonTom Joseph704.632-3970www.us.gt.com

GreerWalker LLCJonathan Mangels704.377.0239www.greerwalker.com

KPMG LLPJohn Switzer704.335.5300www.kpmg.com

PricewaterhouseCoopers LLPCrawford Pounds704.344.7500 www.us.pwc.com

RSM US LLPMark Kral704.367.6251www.rsmus.com


altogether, and business income will be apportioned solely by reference to the sales factor.

Foreign companies doing business in the U.S. may be subject to state and local sales and use tax laws. These taxes may be imposed directly on a foreign company or a state may impose liability indirectly by requiring the seller to collect taxes from a purchaser. A sales tax is usually levied on the gross consideration derived from retail sales, transfers, or rentals of tangible personal property and selected services in the state.

The sales tax rate in North Carolina is 4.75 percent and the local sales tax rate in Mecklenburg County is 2.5 percent resulting in a total sales tax rate of 7.25 percent.

Taxes assessed on real estate and personal property are characterized as “ad valorem” taxes because the tax is assessed on the value of the property on a prescribed assessment date each year. The property tax rate will vary from jurisdiction to jurisdiction.

In Mecklenburg County, property tax rates range from $1.0271 to $1.2944 per $100 of assessed value, depending on which

municipality a corporation is located within. North Carolina does not levy a state property tax.

State and local governments may impose a number of other taxes, including taxes on special commodities (alcohol, tobacco and motor fuel), fees for business and professional licenses, and taxes on special types of businesses, such as banking or insurance.

Payroll TaxesEmployers are required to withhold several types of payroll taxes. The Social Security tax imposed on employers and employees is called the FICA tax. The FICA tax is based on wages with respect to employment. Wages in excess of an annually adjusted FICA cap are excluded from the definition of FICA wages. The FICA tax is generally imposed at the same rate on both the employee and the employer.

There is also a hospital insurance tax of 1.45 percent of Medicare wages imposed at the same rate on both the employer and the employee. Medicare does not have a cap and applies to almost all wages.

The following investor level members of the Charlotte Chamber provide top quality tax advice to companies:



Incentives

State and local incentives may be available to projects that meet the requirements of several discretionary programs as well as statutory programs. Charlotte Chamber economic development staff can provide an obligation free analysis of any project to determine if the project may potentially qualify for one or more programs. Contact any member of our recruitment team for a project specific analysis.

At the state level, North Carolina has both statutory and discretionary incentive programs. The discretionary programs are targeted toward larger projects with significant job creation and capital investment associated with them. These programs include the Job Development Investment Grant program and the One North Carolina Fund program. Statutory programs include North Carolina’s highly regarded customized workforce training program.

Job Development Investment Grant Program (JDIG)The JDIG program serves as a deal closing incentive for large job creation projects considering a location in North Carolina as well as other states. This program will rebate a negotiated portion of a company’s withholding taxes generated by the new project over a set number of years, with a maximum period of 12 years. Projects that create a minimum of 250 new jobs and pay a minimum average annual wage of $60,000 may potentially qualify for the JDIG program. The JDIG program also requires that the local government in the community where the project intends to locate also participate with a local grant representing an appropriate amount based on the specifications of the project.

One North Carolina Fund Grant Program (One NC)The One NC program also serves as a deal closing incentive for large job creation projects considering a location in North Carolina as well as other states but may not otherwise qualify for a JDIG. This program will offer a specific grant amount per new job created by the project. This program also requires a matching amount grant from the local government where the project is proposed to locate. The state will match the funds $1:$1 with the local funds. This program also requires the new jobs to pay a minimum average annual salary of $60,000.

Customized Work Force Training AssistanceNorth Carolina was one of the first states to develop a customized workforce training program through its community college system, dating back to 1958. Today, its program is still regarded at one of the top in the nation in meeting the needs of new and expanding companies.

Administered in Mecklenburg County by Central Piedmont Community College (CPCC), the program is available to both new and expanding companies that are creating new jobs, making

an appreciable capital investment or may be deploying new technology in their facility.

Eligible businesses include manufacturing, distribution centers, air courier services, customer support centers, national headquarters and technology intensive operations in the IT and life sciences areas.

CPCC personnel will develop a customized training program based on the individual needs of the company. Most, if not all, of the costs of the training are covered by state funding.

CPCC also offers very affordable training and education programs for existing employees to enhance their workforce skills.

Employment Recruitment and ScreeningFinding the best talent for a new or expanding operation is one of, if not the most important tasks for a company. In Mecklenburg County, Charlotte Works provides their services at no cost to the company. Charlotte Works is a state funded organization. Charlotte Works will develop a list of job openings and requirements for each position with the client company. Charlotte Works then matches applicants with job positions and refers selected individuals to the company. Charlotte Works accesses numerous statewide databases of applicants as well as many Web-based portals to identify the candidates. Charlotte

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Works screens the applicants based on the specific needs of the company. Charlotte Works can provide on-site space for interviews and employee orientation sessions. Charlotte Works also has on-the-job training grants available and can assist companies in determining their eligibility for those funds.

Local Business Investment Grant Program (BIP)The BIP is designed to encourage job creation and capital investment in Mecklenburg County and several of the municipalities within the county. Qualifying projects that meet job creation, capital investment and average wage requirements may receive a cash grant over a specific number of years. The program also requires that the project be competitive and that the grant is a determining factor in the company choosing to locate in Mecklenburg County versus other locations outside the county.

Projects that locate within the BIP zone that invest a minimum of $3 million and create a minimum of 20 new fulltime jobs paying an average wage of $48,297 of higher may be considered for the program. The grant term is three years and the grant amount will equal 90 percent of the net new property taxes generated by the project. Existing businesses in Mecklenburg County are eligible for an additional two year term.

Large impact projects that have a minimum capital investment of $30 million and will create 150 new fulltime jobs paying an average wage of $60,372 or higher may qualify for a large impact grant. The grant term is five years and the grant amount will be 90 percent for projects located inside the investment grant zone or 50 percent for projects located outside the zone.

Major headquarters projects will be considered on a case-by-case basis for a grant. These projects would be defined as a corporate, regional or divisional headquarters of a Fortune 1000 company with an average annual wage exceeding 200 percent of the regional average wage. Currently that figure is $96,595.

Currently in Mecklenburg County, the municipalities of Charlotte, Cornelius, Davidson, Huntersville and Matthews have adopted incentive grant policies.

Utility Rate DiscountsThe utility companies that service Mecklenburg County may offer discounts to new and expanding companies that add significant service to the utility’s system. Charlotte Chamber economic development project managers will work with client companies and representatives of the utility companies to determine the applicability of these programs.

Duke EnergyDuke Energy is the largest privately owned utility company in the nation. Duke offers two potential rate reduction programs for qualifying projects:

Rider EC provides billing credits that can reduce the cost of electricity over the first four years of the project. The credits begin at the customer’s discretion, up to 18 months after the initial delivery of electric service. The credits are applied as follows:

Year 1 – 20 percent discountYear 2 – 15 percent discount

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Year 3 – 10 percent discountYear 4 – 5 percent discountYear 5 and beyond – 0 percent discount

Projects that qualify for Rider EC must add minimum of 1,000 kw of new load to the Duke system and either invest $400,000 per 1,000 kw of load added plus a net increase in full-time employees or they must have an increase of at least 75 full-time employees per 1,000 kw of new load on the Duke system. They must also maintain a monthly average of 250 hours use of electric demand. Companies desiring to receive Rider EC must make a request in writing and receive approval before a location decision and public announcement.

Rider ER provides a 50 percent discount on the purchase of electricity over the first 12 months of operation. This program is geared toward companies that choose to locate in an existing building already served by Duke Energy that has been vacant for at least six months. Projects that qualify for Rider ER must add a minimum of 500kW new demand on Duke’s system and maintain a monthly average of 300 hours use of demand. They also must either create 35 new full-time jobs or make a minimum capital investment of $200,000 and a net gain of full-time jobs. Companies desiring to receive Rider ER must make a request in writing and receive approval before a location decision and public announcement.

Other Discount ProgramsElectricities, EnergyUnited and Piedmont Natural Gas offer discount programs and other potential assistance on a case-by-case basis depending on the size of the project and the amount of utility usage.

Data Center InfrastructureData centers not engaged in internet publishing that meet the minimum qualifications of the program will be exempt from sales tax on sales of electricity and data center support equipment. Data center support equipment is defined as property that is capitalized for tax purposes. Qualifying data centers must have a minimum capital investment of $75 million over five years. Co-location data centers may combine the investment of an operator with the investment of tenants.

Motorsports IncentivesThe lease of an engine to a professional motorsports racing team (or a related member of the team) for use in a competition in a sanctioned race series is now exempt from sales tax if the engine is furnished with an operator.

Two sales tax refund provisions for motorsports entitle professional motorsports racing teams to claim refunds for half the sales tax paid to North Carolina on tangible property (other than tires or accessories) that comprise any part of a professional motorsports

Incentives cont.

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vehicle. The second entitles a professional motorsports racing team or sanctioning body (or a related member of either) to claim a refund of sales tax paid on aviation fuel used to travel to or from certain motorsports events.

Finally, if a motorsports racing team is entitled to a sales tax refund with respect to an item of property, a service contract on that property is exempt from sales tax. This exemption has been expanded retroactive to 2014 specifically to cover transmissions, engines and rear-end gears and to cover service contracts on qualifying items purchased by related members of the racing team.

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Charlotte has a robust commercial real estate market that can offer most companies several options to consider. From newly constructed speculative office or industrial buildings to second generation space or even adaptive reuse of historical properties, Charlotte’s options are plentiful. The cost of real estate in Charlotte is affordable as well with lease rates competitive with virtually any market in the United States. All of the area’s office and industrial parks are also within a short drive to Charlotte Douglas International Airport – 20 minutes or less in most cases.

The Charlotte Chamber’s economic development team maintains a database of all industrial buildings in Mecklenburg County as well as information on office buildings and land sites currently on the market. A customized real estate search can be provided at no cost to companies interested in learning more about Charlotte’s commercial real estate availabilities.

The Chamber can also connect interested companies with Chamber members who provide tenant representation and other commercial real estate services.

Commercial Real Estate

Commercial Real Estate Service Providers

American Asset CorporationPaul Herndon704.295.4000www.aacusa.com

BECO SouthChris Epstein704.547.0079www.becosouth.com

Bissell CompaniesHoward Bissell, III704.248.2000www.bissell-companies.com

CBREDavid Thompson704.376.7979www.cbre.com

Childress Klein PropertiesPaul Devine704.342.9000www.childressklein.com

Crescent CommunitiesNed Austin, Jr.980.321.6152www.crescentcommunities.com

Lincoln HarrisJohno Harris704.714.7654www.lincolnharris.com

JLLChase Monroe704.927.3010www.am.jll.com

NAI Southern Real EstateDavid Goode704.632.7638www.srenc.com

Pappas PropertiesPeter A. Pappas704.716.3900www.pappasproperties.com

Parkway PropertiesCassie Zingery704.625.5818www.pky.com

Perennial Commercial Real EstateDoug Wynne704.365.3393www.perennialcommercial.com

Radina PropertiesMichael Delev704.376.4186www.hines.com

Spangler Companies Steve Cornwell704.372.4500www.cdspangler.com

Spectrum PropertiesJohn Boylan704.358.1000www.spectrumproperties.com

The following investor level members of the Charlotte Chamber provide top quality commercial real estate services to companies:


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One of the challenges many companies face when expanding or relocating pertains to group moves of company personnel who have been asked to join the company in the relocation. Larger corporations in many cases have personnel who handle such moves on a continual basis or have contracts with third-party entities who provide these services.

More often though, small to medium sized companies as well as many international companies don’t deal with employee relocations on a consistent basis and need some level of assistance in crafting a policy that ensures a smooth transition for employees and their families. Several residential real estate firms who are members of the Charlotte Chamber staff relocation divisions that can assist with these group moves. In some cases, these relocation firms can provide turnkey packages and cost saving discounts that lessen the burden of the cost of relocation on both the company and its employees.

The Charlotte Chamber also provides certain services to companies relocating personnel to Charlotte including Charlotte orientations, spousal job search support, comprehensive data on Charlotte that helps answer everything from basic to detailed questions of each family, public and private school orientations and other services as required.

The residential relocation entities offer numerous services beyond what the Chamber is able to offer including telephone counseling of employees before their initial Charlotte visit, familiarization

tours of Charlotte, discounted rates on ground transportation, lodging and car rentals, reduced real estate commissions, relocation expense management, one-on-one home search for buyers, temporary housing search support, rental search support, newcomer receptions, referrals to medical and child care facilities as well as other service providers. They may also be able to negotiate reduced costs of mortgage financing and moving/transfer and storage costs.

Residential Real Estate / Group Moves

Residential Relocation Service Providers

Allen Tate Corporate ServicesD.J. Stephan704.367.5670www.allentate.com

Berkshire Hathaway HomeServices RealtyCecily Durrett919.695.2300www.bhhsysu.com

Coldwell Banker United RealtorsPaul Dunkle843.285.5000www.cbunited.com

Cottingham-Chalk-HayesSuzanne Lail704.364.1700www.cchrealtors.com

Dickens-Mitchener & AssociatesCatherine M. Pappas704.342.1000www.dickensmitchener.com

Keaton Barrow RealtyMichelle Keaton-Barrow704.380.0241www.keatonbarrow.com

Wilkinson ERAJoan Harpootlian Thomas704.815.0463www.wilkinsonera.com

The following investor level members of the Charlotte Chamber provide top quality relocation services to companies:


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Charlotte-Mecklenburg Economic Development Guide

Documents

Transcript of Charlotte-Mecklenburg Economic Development Guide