Taxes & Incentives

View of row of stores from street. Credit: Ahmod Goins

Sanford, North Carolina

Maximum Business Support

Our strong infrastructure and ideal location are not the only amenities bringing new talent and business to Sanford. Here, residents and businesses enjoy a robust economy, low costs and competitive tax environment. Sanford’s economic development and municipal partners recognize the value of each business and work together to provide strong incentive support at every level: federal, state, county and city. This collaborative approach ensures a fast path to success for your company.

Fast Facts

$0.62 per $100 Assessed Valuation

is the City of Sanford’s tax rate for fiscal year 2021-22. The tax rate for Lee County is $0.73 per $100 assessed valuation.

Lee County N.C.

Empty swings at playground. Credit: Ahmod Goins

Fast Facts

4.75% State Sales Tax

North Carolina’s state sales tax is lower than the U.S. average.

GIS Planning

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Fast Facts

2.5% Corporate Tax Rate

North Carolina has one of the lowest corporate tax rates in the country.

World Population Review

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Financing and Credits

North Carolina has a AAA bond rating confirmed by all three rating agencies and a powerful range of incentives that provide extra options to enhance your business in every direction. It’s no wonder the state’s business climate has been noted as one of the nation’s best by CNN, Site Selection and Forbes. North Carolina’s toolkit includes Industrial Revenue Bonds, Community Development Block Grants, One North Carolina Fund and Job Development Investment Grants, the Industrial Access/Road Access Fund, the Rail Industrial Access Program and the North Carolina Ports Income Tax Credit.

Insurance business building. Credit: Ahmod Goins

HUBZones

Two designated HUBZones (Historically Underutilized Business Zones) allow Sanford to work in conjunction with the U.S. Small Business Administration to promote job growth, capital investment and economic development in these areas. Qualified small businesses in the two zones enjoy preferential consideration in federal contracting and may receive higher surety bond guarantees.

Sidewalk view of row of small businesses. Credit: Ahmod Goins

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Bob Joyce