ANNOUNCEMENT 01 Jan 2014
Job Development Investment Grants provide an economic development incentive for new and expanding businesses in the state of North Carolina.
NUMBER OF INTERVENTIONS
In calendar year 2014 the North Carolina Department of Commerce provided a $17,407,500 grant to Liability Advance Stores Company, Incorporated (a retailer of automotive parts and maintenance items) under the Job Development Investment Grant (JDIG) program. JDIG is a performance-based economic development incentive program that provides annual grant disbursements to new and expanding businesses based on a percentage of withholding taxes paid by new employees during each calendar year of a grant. This percentage ranges from 10% to 75%, depending on the location of the project, the number of net new jobs, the wages of the jobs compared to the county average wage, the level of investment, and whether the industry is one of the state’s targeted industry sectors. Grant funds are disbursed annually, for up to 12 years, to approved companies following the satisfaction of performance criteria set out in grant agreements.