Economic distress level increases
Thursday, December 29th, 2005
By Chris Fitzsimon
By JEAN GORDON Daily Courier Staff Writer
FOREST CITY — Rutherford County is among 13 counties that will receive an increase in state funding opportunities to assist in economic development through the state Department of Commerce.
Rutherford County has been moved to a Tier 1 county in the state’s five-tier hierarchy of economic distress level. The county was formerly rated as a Tier 2 county.
With the Tier 1 designation, the state will offer a $12,500 tax credit per new job created as well as a 7 per cent tax credit on new machinery and new equipment during 2006 to businesses locating or expanding in Rutherford County. The economic development incentives are offered under the state’s Bill Lee Act.
Rutherford was a Tier 2 designation in 2005 with the state funding $4,000 in tax credits per new job and a 7 percent tax credit for machinery and equipment expenditures more than $100,000.
Using the statutory formula, the Department of Commerce assembles the required statistics on all of North Carolina’s 100 counties, applies the formula, and assigns a tier designation ranking from one to five, with Tier 1 marking the most economically distressed areas and Tier 5 being the least distressed. The changes are based on annual evaluations of population growth, unemployment rates and per capita income. (more…)
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