New North Carolina business package might boost state business formation

North Carolina entrepreneurs might soon see new benefits of business incorporation thanks to a new incentives package that is expected to help small businesses and reduce the state’s unemployment rates.

According to BizJournals.com, the proposed legislation will include a number of new tax incentives and grants for small businesses to support job creation.

State Governor Bev Perdue is pushing the plan. He told the source, “Small businesses are the backbone of N.C. economy, and a major driver in our economic recovery.”

State officials say this plan is inspired by President Barack Obama’s remarks about how local governments can play a role in business recovery – and national recovery.

The plan includes tax incentives to boost businesses’ bottom lines. It includes strategic tax relief to encourage investment in innovative new companies that might need startup funds. The plan also includes a business venture tax credit that raises the cap from $7.5 million to $10 million to spur more investments in new entrepreneurial pursuits.

Entrepreneurs in the state might consider business incorporation to benefit from these corporate tax incentives. Moreover, as the nation is still recovering from recession, business owners across the country might consider business formation to cash in on tax credits.