Yet again, North Carolina is giving out incentives to businesses to lure them to the state. This time, it’s $100,000 to International WoodFuels LLC for construction of a 300 metric ton-per-yer wood pellet plant.
The company was already attracted by our ports, and by increasing demand for their product. Did we really need to give them $100,000 of taxpayer money? The state’s track record in choosing winners and losers is already terrible. Clearly, bureaucrats in Raleigh aren’t very good at predicting which businesses will be successful and targeting tax dollars there. Better to lower the overall tax rate, make the environment more attractive for all businesses, and leave decisions about where to locate to businesses themselves.