North Carolina regularly appears at the top of lists of best states to do business in. The Raleigh-Cary MSA also ranks high for its¬†pro-business climate and outstanding quality of life, and Morrisville is proud to offer the best of all worlds for its resident¬†businesses.
Corporate Income Tax
The corporate income tax rate for North Carolina is 4%.
There is no local income tax.
Levied on NC corporations annually.
Rate: $1.50 per $1,000 of the largest of the following:
- Capital stock, surplus and undivided profits
- 55% of appraised ad valorem tax value of all tangible property in North Carolina
- Actual investment in tangible property in North Carolina
Retail Sales & Use Tax Rate is 6.75% (4.75% – State, 2.0% – County)
Highway Use Tax on Automobiles 3% with a maximum tax of $1,500.
Raw materials, containers, labels, packaging and shipping materials and motor vehicles are exempt from the sales and use tax.
2016 Wake County rate – $.6005
2016 Morrisville rate – $0.40
Taxes are calculated against each $100 in value, and both County and Municipal property taxes are paid by businesses and residents. There are no special tax districts within Morrisville city limits but there may be special districts outside the town in other neighboring governmental jurisdictions. For more information, or to determine if any special district taxes or fire district taxes apply to your specific location, please visit the Wake County Revenue Department website¬†and the Morrisville Tax Rate website.
A fee of $125 is levied upon filing articles of incorporation. A fee of $250 is levied for the application of certificate of authority. Various other fees are assessed for documents filed with the Secretary of State.
Pollution abatement and recycling equipment, OSHA-mandated equipment, and equipment to reduce hazardous waste receives special treatment under the state’s tax laws.
The Town of Morrisville will consider incentives for projects bringing a minimum capital investment of $10 million and 50 new jobs paying higher than the Wake County average.