North Carolina is aiming to ramp up its economic development game, according to the Winston Salem Journal.

 

“An economic-development bill focused on the recruitment of corporate headquarters drew criticism in the state House before passing by a 78-23 vote Thursday.

SB820 will increase the amount of incentives per job created from up to $6,500 to up to $16,000 through the Job 5t43wDevelopment Investment Grant (JDIG) program. The bill would work by raising the per-employee tax withholdings cap by those amounts.

During the House discussion, it was revealed that an unidentified Fortune 400 corporation, potentially from New Jersey, is only considering Charlotte in North Carolina for a headquarters move.

Rep. William Brawley, R-Mecklenburg, who lost his bid for re-election, said the corporation would bring at least 750 jobs paying an average wage of $348,000 and a $85,000 median wage – signifying half the wages would be above and half below that amount.

The incentive investment for the potential project is expected to be $6 million to $7 million, which bill co-sponsor Sen. Jerry Tillman, R-Randolph, said the state would be able to recoup within two years of the potential corporate headquarters move.”

“Every state in the country will want to go after this project, but most won’t be able to, while North Carolina will be able to with this adjustment,” Tillman said.