NC Competes Act: Important Step to Attract Jobs
Over the last three decades, North Carolina has positioned itself nationally and internationally as a leading place to live, work and do business. However, now is not the time for our state to be complacent. North Carolina must continually strive to position its business climate competitively to draw investment and keep, attract and grow good jobs for the future.
The N.C. House released a plan last night that takes important steps to make our state more competitive in the global race for jobs. The NC Competes Act (House Bill 117) strengthens the state’s job recruitment tools to attract sustainable, long-term projects with significant economic impacts for North Carolina and its citizens.
Among other provisions in the bill, single sales factor apportionment is critically important to our state’s manufacturers. Moving to single sales factor will apportion corporate business income on the sole basis of the portion of the corporation’s total sales that occur in the state. This will enable North Carolina to compete in this area as states like Virginia, South Carolina and Georgia have adopted or are phasing in single sales factor apportionment. NC Competes is a good first step for companies that expect to invest more than $1 billion in the state. The NC Chamber supports additional steps to phase in single sales factor apportionment for all companies in North Carolina.
While supporting the House proposal, we also remain committed to advancing additional reforms to ensure companies that already employ millions of North Carolinians can look to expand and grow, spurring further business investments and job creation.
The NC Chamber has been leading to advance the tools you need to succeed, such as closing the skills gap, lowering individual and corporate tax rates, enabling competitive workers’ compensation costs, stabilizing unemployment insurance taxes, combating costly health care mandates and more. We will continue to fight for policy that helps keep, attract and grow good jobs in North Carolina.
Gary J. Salamido
Vice President, Government Affairs
North Carolina Chamber