A Pro-Business Environment
Thanks to low tax rates and competitive state and local incentive programs, businesses thrive here. North Carolina has the lowest corporate income tax rate in the nation at 2.5 percent, and Forsyth County boasts low tax rates as well. What really sets Winston-Salem apart is the way that its government agencies, businesses, organizations and community leaders work together to develop incentive programs. The result of this collaborative environment is better incentives that help both businesses and the community. Local incentive support is based on net new capital investment and job creation. Each project is reviewed on a case-by-case basis, but history has shown that our community is aggressive in pursuing the right deals. Greater Winston-Salem, Inc. coordinates all local incentive requests with City and County staff prior to taking the request to the public bodies.
North Carolina’s statewide incentives offer competitive businesses advantages to entice companies to locate here.
Discretionary programs include:
Building Reuse Program – Provides grant assistance to qualified companies for the renovation of vacant or existing buildings.
Job Development Investment Grant – Provides a limited number of cash grants to new and expanding businesses that will provide economic benefits to the state, and need the grant to carry out the project in North Carolina.
One North Carolina Fund – Awards grants for job creation and/or retention in conjunction with local government matches.
SBIR/STTR Small Business Technology Funding – Awards matching funds to firms who have been awarded a SBIR/STTR Phase I award from the federal government.
Infrastructure Support – Provides assistance for site development and infrastructure improvements for very high-impact projects.
The Target Area Business Assistance Program is designed to provide incentives to encourage businesses to locate within distressed areas of the city and to create job opportunities.
Corporate Income Tax Rate, Lowest in the U.S.
Most Affordable Downtown in the U.S.
(Winston-Salem) | MSN Money 2019
Corporate Tax Environment
(North Carolina) | Area Development 2019
Best Cities to Start a Small Business
(Winston-Salem) | ZenBusiness 2020
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