NC S388

Excludes grants made under Section 1603 of the American Recovery and Reinvestment Tax Act of 2009 from the definition of "public funds" for purposes of the renewable energy property tax credit.

Allows taxpayers to claim a 35% credit on the cost of renewable energy property placed in service in North Carolina even if the property was partially funded by federal ARRA grants.

Applies to renewable energy property placed into service on or after January 1, 2009.

Maintains existing credit limits and requirements, including $2.5 million ceiling for nonresidential installations and various ceilings for residential property ranging from $1,400 to $10,500.

Credit expires January 1, 2016, and ceases to apply to renewable energy property placed in service on or after that date.