NC Taxpayers Forced to Fork Over Another $9 Million in Corporate Welfare

FOR IMMEDIATE RELEASE

March 27, 2018

Raleigh, NC – Today, the North Carolina Department of Commerce announced a new tax incentive package for Corvid Technologies LLC worth $9,000,750 spread over 12 years. Generation Opportunity-North Carolina (GO-NC) strongly opposes this corporate welfare, which hurts taxpayers and disadvantages young entrepreneurs and other small businesses in the state. 

GO-NC Spokesman Tyler Voigt issued the following statement: 

“There’s no need for Gov. Cooper to continue doling out taxpayer dollars to special interests when North Carolina already has one of the strongest corporate tax policies in the entire nation and has consistently been ranked as one of the most business-friendly states in the country. Governor Cooper’s unfair handouts to favored businesses represents corporate welfare that hurts taxpayers, promotes cronyism and tilts the odds against those who don’t benefit from the same insider deals. Rather than picking winners and losers, Gov. Cooper should be working to improve North Carolina’s economy by creating a level playing field for all businesses to compete on.”

Background:

Many economists have pointed out that corporate welfare deals like this frequently provide little to no benefit to the taxpayers who are forced to subsidize them. Unfortunately, Gov. Cooper doesn’t seem to be listening. To date, he has committed nearly $180 million in public funds to hand-picked corporations through the One North Carolina Fund and Job Development Investment Grant Program.

These unfair giveaways make no sense. North Carolina already has one of the strongest corporate tax policies in the entire nation and has consistently been ranked as one of the most business-friendly states in the country. Instead of continuing to hand out taxpayer dollars to large special interests, the state should focus on ways to improve its economy for everyone.

GO-NC has created a digital tool that allows North Carolinians to contact Governor Cooper in opposition to the corporate welfare policies he has enacted. GO-NC has also been vocal in its opposition to the state’s attempts to woo tech giant Amazon through corporate welfare.

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Generation Opportunity is a national, nonpartisan movement for more freedom, better opportunities, and a brighter future for all young Americans.

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