§ 105-129.16A. (Repealed January 1, 2016) Credit for investing in renewable energy property. - North Carolina Statutes

§ 105‑129.16A. (Repealed January 1, 2016) Credit for investing in renewable energy property.

(a)        Credit. – If ataxpayer that has constructed, purchased, or leased renewable energy propertyplaces it in service in this State during the taxable year, the taxpayer isallowed a credit equal to thirty‑five percent (35%) of the cost of theproperty. In the case of renewable energy property that serves a single‑familydwelling, the credit must be taken for the taxable year in which the propertyis placed in service. For all other renewable energy property, the entirecredit may not be taken for the taxable year in which the property is placed inservice but must be taken in five equal installments beginning with the taxableyear in which the property is placed in service.

(b)        Expiration. – If,in one of the years in which the installment of a credit accrues, the renewableenergy property with respect to which the credit was claimed is disposed of,taken out of service, or moved out of State, the credit expires and thetaxpayer may not take any remaining installment of the credit. The taxpayermay, however, take the portion of an installment that accrued in a previousyear and was carried forward to the extent permitted under G.S. 105‑129.17.No credit is allowed under this section to the extent the cost of the renewableenergy property was provided by public funds.

(c)        Ceilings. – Thecredit allowed by this section may not exceed the applicable ceilings providedin this subsection.

(1)        NonresidentialProperty. – A ceiling of two million five hundred thousand dollars ($2,500,000)per installation applies to renewable energy property placed in service for anypurpose other than residential.

(2)        ResidentialProperty. – The following ceilings apply to renewable energy property placed inservice for residential purposes:

a.         One thousand fourhundred dollars ($1,400) per dwelling unit for solar energy equipment fordomestic water heating, including pool heating.

b.         Three thousand fivehundred dollars ($3,500) per dwelling unit for solar energy equipment foractive space heating, combined active space and domestic hot water systems, andpassive space heating.

c.         Ten thousand fivehundred dollars ($10,500) per installation for any other renewable energyproperty for residential purposes.

d.         Eight thousand fourhundred dollars ($8,400) per installation for a geothermal heat pump orgeothermal equipment.

(d)        No Double Credit. –A taxpayer that claims any other credit allowed under this Chapter with respectto renewable energy property may not take the credit allowed in this sectionwith respect to the same property. A taxpayer may not take the credit allowedin this section for renewable energy property the taxpayer leases from anotherunless the taxpayer obtains the lessor's written certification that the lessorwill not claim a credit under this Chapter with respect to the property.

(e)        Sunset. – Thissection is repealed effective for renewable energy property placed into serviceon or after January 1, 2016.  (1999‑342, s. 2; 2005‑413, s. 5; 2009‑548,s. 2.)