Governor Signs Legislation Providing Tax Incentives for Renewable Energy Projects

摘要

A North Carolina tax credit aimed at encouraging renewable energy projects has been extended for another year under a bill (S.B. 372) signed into law by Gov. Pat McCrory (R). To spur such investments, North Carolina law (N.C. Gen. Stat. Section 105-129.16A), enacted April 30, provides a tax credit of 35 percent of the cost of constructed, purchased or leased renewable energy property. The credit may be taken against the state franchise tax or, if the taxpayer is an insurance company, its gross premiums tax. The credit was to expire on Jan. 1, 2016, but projects that are in advanced stages of development now may receive an extension until Jan. 1, 2017.