Viewing posts tagged economy

Tennessee Company to Relocated HQ to south Charlotte

Welcome NN, Inc to NC

Stone welcomes publicly-traded NN, Inc to Charlotte and District 105

Nasdaq-traded NN, Inc is relocating its corporate HQ to Waverly in the heart of south Charlotte. With its move to North Carolina, NN will create 200 jobs with an average salary of almost $140,000. This announcements is the first major employer to take space in the new “work-live-play” area of South Providence, which includes the new Rea Farms and Waverly developments between Ardrey Kell Road and I-485.

Rep. Stone is proud to represent District 105 in the NC House which has more publicly traded HQs than any other in NC. With the announcement of NN, the list keeps growing!

Read Business Journal Article HERE

NC House Passes $23 Billion Budget

Budget quote

The North Carolina House of Representatives passed as $23 Billion budget which makes significant investments in Educations, Transportation, and boosts the Rainy Day Fund to $1.84 Billion.

The budget provides tax relief for middle class North Carolinians, and increase education funding and teacher pay, and boosts the state “Rainy Day Fund” by $263 million to over $1.84 billion. While adding to savings, the budget is a 4.3% increase over FY 2016 – 2017. Highlights:

- Increases education funding by $700 million and provides the 4th consecutive year of increasing teacher pay. The average teacher salary increase is close to 10% over 2 years.

– Veteran teachers with 15 – 24 years of experience are getting the biggest raises – some increases as large as $5,700 over 2 years – as budgets gets them to the higher pay “step” sooner.

– Adds over $1B over 2 years for state employees including teachers, principals, highway patrol, magistrates and court clerks.

– Provides tax relief for middle-class families by increasing the standard deduction to $20,000 starting 2019. This means that families making less than $20,000 will pay no state income tax. There will be and additional 95,000 low-income families who will now be exempt from paying state income tax.

- Reduces the corporate tax rate on job creators from 3% to 2.5% starting in 2019, which is the lowest of any state which has a corporate tax.

- Reduces income tax rate for all individual North Carolinians and most small business from 5.75% to 5.25%.

– Reduces waiting list for Pre-K slots by 75% by adding funding for 3,525 additional students over 2 years.

– Invests an additional $320 million for Strategic Transportation Investments. These are many of the typical road improvement projects constructed by NCDOT.

– Provides $115 million to state’s 10 commercial airports – including Charlotte Douglas International Airport – to fund strategic capital projects.

– Provides an additional $100 million in disaster relief for eastern North Carolina related to Hurricane Matthew.

Gov. Roy Cooper vetoed the budget, and the General Assembly quickly overrode the veto.

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