§ 105-129.16H. Credit for donating funds to a nonprofit organization or unit of State or local government to enable the nonprofit or government unit to acquire renewable energy property. - North Carolina Statutes

§ 105‑129.16H.  Creditfor donating funds to a nonprofit organization or unit of State or localgovernment to enable the nonprofit or government unit to acquire renewableenergy property.

(a)        Credit. – Ataxpayer who donates money to a tax‑exempt nonprofit organization or aunit of State or local government for the purpose of providing funds for theorganization or government unit to construct, purchase, or lease renewableenergy property is allowed a credit under this section if the donation is usedfor its intended purpose. A tax‑exempt nonprofit organization is anorganization that is exempt from tax under section 501(c)(3) of the Code.

The amount of the creditallowed in this section is the taxpayer's share of the credit the nonprofitorganization or the unit of State or local government could claim under G.S.105‑129.16A if the nonprofit organization or government unit were subjectto tax. The taxpayer's share of the credit is calculated by dividing thetaxpayer's donation by the cost of the renewable energy property constructed,purchased, or leased by the nonprofit organization or government unit andplaced in service during the taxable year and then multiplying this percentageby the amount of the credit the nonprofit organization or government unit couldclaim if it were subject to tax. A taxpayer must take the credit allowed bythis section for the taxable year in which the property is placed in service.The installment requirements in G.S. 105‑129.16A for nonresidentialproperty do not apply to the credit allowed in this section.

(b)        Records. – Anonprofit organization or a unit of State or local government must keep arecord of all donations it receives for the purpose of providing funds for theorganization to construct, purchase, or lease renewable energy property and ofthe amount of the donations used for this purpose. If a nonprofit organizationor government unit places renewable energy property in service that ispurchased in whole or in part from donations made for this purpose, thenonprofit organization or government unit must give each taxpayer who made adonation a statement setting out the amount of the credit for which thetaxpayer qualifies under this section. The statement must describe therenewable energy property placed in service and state the cost of the property,the amount of the credit the nonprofit organization or government unit couldclaim under G.S. 105‑129.16A if it were subject to tax, and thetaxpayer's share of the credit allowed in this section. If the donations madefor the renewable energy property exceed the cost of the property, thenonprofit organization or government unit must prorate each taxpayer's share ofthe credit. The sum of the credits allowed under this section to taxpayers whomake donations to a nonprofit organization or a government unit may not exceedthe amount of the credit the nonprofit organization or government unit couldclaim under G.S. 105‑129.16A if it were subject to tax.

(c)        No Double Benefit.– A taxpayer who claims a credit under this section based on a donation to anonprofit organization or a unit of State or local government is not allowed todeduct this donation as a charitable contribution.  (2007‑397, s. 13(a);2008‑107, s. 28.25(a); 2008‑134, s. 70.)