§ 105-129.15. Definitions. - North Carolina Statutes

Article 3B.

Business And Energy TaxCredits.

§ 105‑129.15. Definitions.

The following definitionsapply in this Article:

(1)        Business property. –Tangible personal property that is used by the taxpayer in connection with abusiness or for the production of income and is capitalized by the taxpayer fortax purposes under the Code. The term does not include, however, a luxurypassenger automobile taxable under section 4001 of the Code or a watercraftused principally for entertainment and pleasure outings for which no admissionis charged.

(2)        Cost. – In the caseof property owned by the taxpayer, cost is determined pursuant to regulationsadopted under section 1012 of the Code, subject to the limitation on costprovided in section 179 of the Code. In the case of property the taxpayerleases from another, cost is value as determined pursuant to G.S. 105‑130.4(j)(2).

(3)        Recodified as § 105‑129.15(5).

(4)        Hydroelectricgenerator. – A machine that produces electricity by water power or by thefriction of water or steam.

(4a)      Repealed by SessionLaws 2002‑87, s. 3, effective August 22, 2002.

(5)        Purchase. – Definedin section 179 of the Code.

(6)        Renewable biomassresources. – Organic matter produced by terrestrial and aquatic plants andanimals, such as standing vegetation, aquatic crops, forestry and agriculturalresidues, spent pulping liquor, landfill wastes, and animal wastes.

(7)        Renewable energyproperty. – Any of the following machinery and equipment or real property:

a.         Biomass equipmentthat uses renewable biomass resources for biofuel production of ethanol,methanol, and biodiesel; anaerobic biogas production of methane utilizingagricultural and animal waste or garbage; or commercial thermal or electricalgeneration. The term also includes related devices for converting,conditioning, and storing the liquid fuels, gas, and electricity produced withbiomass equipment.

b.         Hydroelectricgenerators located at existing dams or in free‑flowing waterways, andrelated devices for water supply and control, and converting, conditioning, andstoring the electricity generated.

c.         Solar energyequipment that uses solar radiation as a substitute for traditional energy forwater heating, active space heating and cooling, passive heating, daylighting,generating electricity, distillation, desalination, detoxification, or theproduction of industrial or commercial process heat. The term also includesrelated devices necessary for collecting, storing, exchanging, conditioning, orconverting solar energy to other useful forms of energy.

d.         Wind equipmentrequired to capture and convert wind energy into electricity or mechanicalpower, and related devices for converting, conditioning, and storing theelectricity produced.

e.         Geothermal heatpumps that use the ground or groundwater as a thermal energy source to heat astructure or as a thermal energy sink to cool a structure.

f.          Geothermalequipment that uses the internal heat of the earth as a substitute fortraditional energy for water heating or active space heating and cooling.

(8)        Renewable fuel. – Eitherof the following:

a.         Biodiesel, asdefined in G.S. 105‑449.60.

b.         Ethanol eitherunmixed or in mixtures with gasoline that are seventy percent (70%) or moreethanol by volume.  (1996,2nd Ex. Sess., c. 13, s. 3.12; 1997‑277, s. 3; 1998‑55, s. 2; 1999‑342,s. 2; 1999‑360, s. 1; 2000‑173, s. 1(a); 2001‑431, s. 1; 2002‑87,s. 3; 2004‑153, s. 1; 2005‑413, s. 4; 2006‑162, s. 23; 2009‑548,s. 1.)