Tag: Local Development Act
Local Government Economic Development Powers “Clarified”
On October 20, 2015, the Governor signed Session Law (S.L.) 2015-277, placing into effect several “clarifications” to the primary economic development statute used by local governments, G.S. Chapter 158, Article 1, “The Local Development Act of 1925.” The modifications fall into three categories: fi … Continued
When May NC Local Governments Pay an Economic Development Incentive?
News outlets regularly report about the latest company that was lured to North Carolina through the payment of a cash economic development incentive by a local government and the state. Local government cash incentives often take the form of an annual cash payment to a company that is contingent on … Continued
Valid cash incentive or illegal tax rebate?
Tyler Mulligan is a School of Government faculty member. One news outlet reported that in exchange for constructing a data center in North Carolina, Apple Inc. will be reimbursed by North Carolina local governments for “50 percent of tax revenue on real estate property — buildings and land — and 85 … Continued
Public Hearings for Cash Incentives: An Unwritten Rule?
North Carolina local governments frequently use cash grants as an economic development incentive to lure businesses into their respective jurisdictions. The grants are authorized under the Local Development Act, G.S. 158-7.1 et seq., but a quick read of the statutes might obscure the need for a publ … Continued