NC S1424

Creates a tax credit equal to 25% of costs to construct, install, expand, or retool facilities manufacturing property components, renewable energy property, or combined heat and power system property.

Credit must be taken in five equal annual installments beginning in the taxable year costs are paid, with remaining installments forfeited if the facility is disposed of or taken out of service.

Facilities manufacturing property components qualify only if at least 75% of components are incorporated into renewable energy property or combined heat and power system property.

Taxpayers cannot claim this credit and any other Chapter 105 credit for the same facility costs.

Credit applies to taxable years beginning on or after January 1, 2010, and sunsets for facilities placed in service on or after January 1, 2017.