Gaston County businesses that made investments in their real and personal property during 2014 may be entitled to a tax break.
Grant programs were established in December 2013 to encourage businesses to expand and reinvest in their operations. The tax savings are not automatic. Applications must be filed before the April 15, 2015 deadline.
To qualify for the Small Business Investment Grant, the total investment made during calendar year 2014 by a new or existing business must have increased the taxable value by at least $10,000 but not more than $1 million. There is also a Large Business Investment Grant, which applies to investments that raise a company's taxable value a minimum of $1 million.
Investment grants will be based on the increase in tax value of all real property, business personal property, and business vehicles above the base year, prior to the investments made.
How it Works
The grant amount will be 50% of the net new taxes paid on qualifying investments. Businesses must be current with all tax payments and must file a business personal property tax listing with the Gaston County Tax Department during the 2015 listing period.
The grant application deadline is April 15, 2015. Checks for qualifying grants will be processed and paid in July 2016.