CHARLOTTE – North Carolina will rebate nearly $42.5 million in taxes as part of an incentives package designed to lure Honeywell’s corporate headquarters to Charlotte.
The Fortune 100 technology company on Friday announced plans to relocate its global headquarters to the Queen City in the coming year.
The move means some 750 jobs added to the local economy with pay median salaries of $85,000 by the end of 2024.
Honeywell’s decision comes after the North Carolina General Assembly more than doubled the cap on annual awards to businesses through the Job Development Investment Grant program, from a maximum of $6,500 per job per year to $16,000 per job per year. JDIGS are rebates of state withholding taxes paid by companies.
Gov. Roy Cooper formally announced the decision on Monday, and the state disclosed the incentives being offered.
North Carolina is providing a JDIG worth $42,450,000 if all new job targets are met.
“State payments only occur following performance verification by the Departments of Commerce and Revenue that the company has met its incremental job creation and investment targets,” Cooper’s office noted in the announcement.
Honeywell plans to transition some 150 jobs from New Jersey. The company also says it will invest some $248 million in the Charlotte area by 2023.
The firm’s senior management team along with its Sales and Productivity Solutions Group will be based in Charlotte. The company also will operate a hangar at Charlotte-Douglas International Airport to support its company aircraft. The solutions group currently is based in nearby Fort Mills, SC,
“With our strong talent, robust infrastructure and unmatched quality of life, including our commitment to education and our low cost of living, North Carolina is the ideal headquarters choice for an elite company like Honeywell,” said Cooper. “Charlotte is perfectly positioned to provide the education and training, infrastructure and amenities to attract and retain Honeywell’s top talent.”
Approximately 1,000 Honeywell employees will remain in New Jersey across the company’s six locations in the state, including about 800 employees at Honeywell’s offices in Morris Plains.
“Charlotte is a top-10 destination city in the U.S. that will readily enable us to recruit and retain the world-class talent we will need over the long term to support Honeywell’s strategic focus on leading technology and software solutions within our end markets,” Darius Adamczyk, Honeywell’s chairman and chief executive officer, said in a statement.
“We also are strong believers in supporting our communities, and we look forward to bringing Honeywell Hometown Solutions – our award-winning corporate citizenship initiative – to the Charlotte area.
Fort Mill will also continue to be a significant employment center for Honeywell.
