What is the North Carolina deduction for certain economic incentives?
Certain economic incentives are offered by North Carolina to encourage businesses to maintain high-paying jobs and make further capital investments in the state. These incentives are often issued in the form of grants. If you included a grant on your federal tax return that was issued by North Carolina for your business as an economic incentive, you may deduct the amount received.
Grant payments received from the following North Carolina relief programs may be deducted to the extent the payment is included in your federal adjusted gross income:
Grant payments received from the following North Carolina relief programs may be deducted to the extent the payment is included in your federal adjusted gross income:
- Business Recovery Grant ("BRG") program
- ReTOOLNC program
- Specific rent and utility assistance programs
