Taxes and Incentives
The Research Triangle Region is regularly cited as one of the best places to do business nationwide. NC has a corporate income tax rate of 2.5%, the lowest in the naiton, which is scheduled to be phased out entirely by 2030. A variety of incentives are available at the local and state levels for companies looking to grow here.
Local Taxes
Local property tax rates are calculated against each $100 in value.
Wake Forest Property Tax Rate: $0.420
Wake County Property Tax Rate: $0.513
Combined Property Tax Rate: $0.933
For more details, see Wake County Revenue Department.
State Taxes
The corporate income tax rate for North Carolina is 2.5%. The state phased in a single sales factor in the 2017 tax year, with a 100% sales factor imposed in the 2018 tax year. The tax is scheduled to phase out entirely by 2030.
For more details, see North Carolina Department of Revenue.
Wake Forest Incentives
The Wake Forest Business & Industry Partnership maintains a dedicated fund reserved for incentive requests. In determining decisions on such requests, the Wake Forest Board of Commissioners will consider the expected job creation, capital investment and overall economic impact on the Wake Forest community. The Town welcomes and encourages such requests. Please contact us for more information.
Wake County and State of North Carolina Incentives
Wake County and the State of North Carolina (through the Economic Development Partnership of North Carolina) have additional tools and programs to support new and expanding businesses, which lessens the tax burden and lowers overall costs for companies. Programs include:
Business Development Grants
In-kind Resources
Workforce Development and Training
Discretionary Grants
Block Grants
Building Reuse Programs
Tax Incentives
Infrastructure and Transportation Assistance
For detailed incentive information, please see Wake County Incentives and North Carolina Incentives.
