NC H918

Creates a tax credit equal to 15% of home renovation expenses exceeding $1,000, with a maximum credit of $1,350 per year, available for renovations performed on or after July 1, 2011.

Allows taxpayers to carry forward unused renovation credits for up to five succeeding years and requires substantiation of expenses to the Secretary of Revenue.

Establishes a $1,500 tax credit for purchasing new energy-efficient homes (single-family or multifamily units) certified with a HERS Index rating of 70 or below by a certified HERS rater.

Permits carrying forward unused home purchase credits for up to five succeeding years, applicable to purchases on or after January 1, 2012.

Both tax credits sunset automatically: home renovation credit expires for activities performed on or after January 1, 2013, and new home purchase credit expires for purchases on or after January 1, 2016.