Taxes

TOWN, COUNTY, AND STATE TAX INFORMATION

Corporate Income Tax
• Flat rate of 6.9% of net income allocable to the state.

Sales & Use Tax
• 4.5% statewide with a local rate of 2.5% or 3% on transactions (combined 7% tax is not applicable to raw materials, containers, labels, packaging and shipping materials).

Franchise Tax
• $1.50 per $1,000 and is applied to the greatest base determined as set forth in the law.

Inventory Tax
• North Carolina does not impose an inventory tax.

Property Tax
• North Carolina does not impose a state property tax.
• Iredell County - .388 per $100
• Mooresville - .58 per $100

Electricity
• 1.8%; On July 1, 2008 the rate will decrease to 1.4%. Beginning July 1, 2009 the rate will decrease to 0.8%, and on July 1, 2010 a full exemption on sales and use tax for fuel and electricity sold to a manufacturer for use in connection with the operation of a manufacturing facility.

Natural Gas
• 2.83%

Telephone Service
• 3% local
• 6% intrastate
• $50,000 cap applies for call center operations

Unemployment Insurance Rate
• Average tax rate of $200.40
• Employers rate 0.00% to 6.84%• Taxable base $17,800