North Carolina lawmakers push for small business tax cuts

Lawmakers in North Carolina are hoping to create jobs with a proposed bill that offers tax breaks and other incentives to small businesses and investors.

The $80 million package would give businesses with 25 or fewer employees a $1,000 tax credit for every job created and maintained for three years. Businesses would also be eligible for a $250 tax credit to help pay the health benefits for employees earning under $40,000 a year.

Another part of the bill would expand an existing tax break for those who invest in existing small businesses or give entrepreneurs funding to start a corporation.

“We need to do everything we can to create jobs,” State Representative Bill Owens told the Associated Press. “We can’t do enough this year to create jobs.”

According to the AP, a separate proposal from North Carolina Governor Beverly Purdue would create a $16 million tax credit that would encourage small businesses to hire people who are currently unemployed.

The Charlotte Observer says that small business investments in the state have been much more available this year over last. In the first quarter of 2010, $87.9 million in venture capital came into the state – a sharp increase compared to $36.6 million in the third quarter of 2009.<img title=”” src=”http://feeds.directnews.co.uk/feedtrack/justcopyright.gif?feedid=3052&amp;itemid=19796726″ alt=”ADNFCR-3052-ID-19796726-ADNFCR” />

Melissa Clark
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Melissa Clark

Head of Content & Customer Marketing at Incfile
Melissa sets the vision for Incfile's content marketing and customer relationship management. Melissa has more than 10 years experience in various marketing roles, and a passion for supporting small businesses as they incorporate and grow. She loves sharing information that will help business owners maximize their LLCs, Corporations and Nonprofits. In her spare time, Melissa is an active member of The Junior League and enjoys running half marathons.
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