posted July 8, 2015 by Catherine Konieczny, Sarah Curry, Joseph Coletti
Between FY 2009 and FY 2014, 81 out of North Carolina’s 100 counties participated in economic development activities. Counties entered into 776 contracts worth nearly $284 million in incentives over the five-year period. Actual payments, however, totaled $144 million.
The governor and Republican members of the state legislature are advocating for a host of new incentive programs and the extension and/or expansion of others. However, these programs are likely to harm consumers, investors, and entrepreneurs who are not privy to the subsidies.
A transition away from licensure and into voluntary private certification would inject freedom and choice into the market for service professionals and into the labor market. It would pay dividends in terms of job creation particularly in low-income neighborhoods.
The North Carolina historic preservation tax credits sunset on January 1, 2015. State government should strive to keep the tax code clean. If lawmakers choose to enact a program to aid in historic preservation, a grant program is a better alternative than a tax credit.
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