NC S1403

Allows a 35% tax credit for taxpayers who construct, purchase, or lease renewable energy property placed in service in North Carolina, with single-family dwellings claiming the full credit in one year and all other property claiming credit in five equal installments.

Sets credit ceilings of $2,500,000 per installation for nonresidential property and varying amounts for residential property ($1,400-$10,500 depending on equipment type).

Permits pass-through entities to allocate the credit among owners at their discretion if each owner's adjusted basis in the entity is at least 40% of their allocated credit amount.

Requires owners who dispose of their interest in a pass-through entity within five years to forfeit a proportional portion of the credit if ownership drops below two-thirds of original interest, with exceptions for death and certain business transactions.

Repeals the credit effective for renewable energy property placed into service on or after January 1, 2016, and applies these provisions to property placed in service on or after January 1, 2010.