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for immediate release ADDITIONAL STATE TAX CREDITS AVAILABLE SANFORD, N.C. — Additional tax credits to reduce state tax liability will be available for the next two years for companies locating or expanding in parts of Sanford after state officials recertified a local Urban Progress Zone. A $1,000-per-job tax credit and 7 percent tax credit for investment in business property could be available for companies operating in a nearly four-square-mile area of southeastern Sanford. Urban Progress Zone tax credits are available in addition to Article 3J Tax Credits, which are offered throughout North Carolina to create jobs and stimulate business investment. Having been designated a Tier 2 county under the Article 3J program, companies may be eligible for state tax credits of $5,000 per job created in Lee County. "In the tough economy we've had, companies are looking for any advantage they can find to expand economically," says Bob Heuts, director of Lee County Economic Development. "The Sanford Urban Progress Zone provides an enormous opportunity." Heuts says qualifying companies locating in the zone become part of a vibrant manufacturing community and the world-renowned Research Triangle Region — while enjoying the benefit of additional tax credits that are hard to find in this area. Urban Progress Zones are designated by the North Carolina Department of Commerce to stimulate new investment in urban areas with a population greater than 10,000. Municipal governments may apply to have a portion of the city designated as an Urban Progress Zone. If approved, businesses locating or expanding in the zone can qualify for special tax credits — in addition to any credits that may be available under Article 3J. Companies interested in Urban Progress Zone tax credits can view the Sanford zone map at lcedc.com and find details about qualifying for the tax credits at nccommerce.com. Sanford's Urban Progress Zone has been recertified through December 31, 2011, and is administered through Lee County Economic Development. The Lee County Economic Development Corp. is a nonprofit organization established to attract industry, enhance job opportunities and promote sound planning across Lee County. Funding is provided by the county, as well as the City of Sanford and Town of Broadway, the county's two municipalities. —30— contact more on the web |
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