Ride the surging surf, explore ghostly shipwrecks in the deep, survey exquisite historical mansions, ascend the beauty of the Great Smokey Mountains, watch clear water tumble from a fall, sample southern and coastal dishes...The list goes on. North Carolina brims with attractions and adventures, from the lush greenery of Asheville to the bright beacon of Cape Hatteras Lighthouse. And more and more people are discovering N.C.’s abundant natural and man-made allure.

Tourism High Tide

According to research conducted by Visit North Carolina, a division of the Economic Development Partnership of North Carolina, travelers hiked up the state’s tourism spending to a record-breaking $23.9 billion in 2017. This, in turn, helped bust another state record by supporting a whopping 225,000 jobs. ¹ With N.C.’s direct tourism employment elevated by 2.6 percent from the previous year, it appears visitors are becoming an economic and tax revenue food source for the coastal territory.

Here’s more statistical evidence:

• N.C. tourists contributed approximately $3.7 billion in federal, state, and local taxes¹
• Visitor spending of $65 million/day added $5.36 million/day to N.C. tax revenues¹
• In 2017, state tax receipts from visitor spending jumped 3.1%¹
• Tourists increased local tax receipts by 4.7%¹
• More than 45,000 N.C. businesses provide direct products and services to travelers¹

N.C.’s Economic Food Chain

The tourists are steadily wading into the depths of N.C.’s economic ecosystem - and they’re actively feeding tax revenue, business revenue, and job growth. However, when companies increase their staff, they also increase expenses. Things like employee search and acquisition, training, employee income tax, etc., all take a little bite out of an organization’s profit growth.

The WOTC Ration

Thankfully, more North Carolina companies have found a way to offset those costs – with the Work Opportunity Tax Credit (WOTC). The WOTC is a federal tax credit that awards businesses $1,200 to $9,600 for each employee they hire within any one of 14 qualifying target groups.

‘WHO WHO’ are My WOTC Qualified Workers?

The money companies reclaim when participating in this program can be reinvested back into the business and help counteract the cost of obtaining new employees.

In 2017, North Carolina ranked eighth in the number of WOTC state certifications with their Department of Commerce awarding more than 75,000 certifications to 2,548 employers. This reveals a 13.5 percent bump in certifications and a 3 percent increase in the number of employers from the previous year. But the state has consistently ranked in the top 10 for several years.

Riding the Tide

As North Carolina rides the profitable waves of tourism, more businesses appear to be uncovering a bounty of WOTC benefits to help boost their bottom line and offset the hidden costs of plumping up their staff numbers.

But any business, anywhere, big or small, can find a treasure of money-saving potential with the WOTC. The best way to learn about the ins and outs of the program and ensure you capture all available tax credits is to consult a WOTC tax specialist.

Don’t let your cash get washed out with the tide, discover the WOTC today.

1. Record Visitor Spending in North Carolina Highlights Tourism Week, NC Governor Roy Cooper, 2018