NC S645

Removes the cap on energy credits under G.S. 105-129.16E, 105-129.16G, and 105-129.16J that previously limited these credits to 50% of the tax against which they are claimed.

Allows energy credits to be applied against franchise tax (Article 3), income tax (Article 4), or gross premiums tax (Article 8B) depending on taxpayer election.

Maintains the existing rule that taxpayers must elect which tax to claim credits against when filing their first return claiming the credit, with that election being binding.

Preserves the carryforward provision allowing unused energy credits to be carried forward for up to five succeeding years.

Effective for taxable years beginning on or after January 1, 2011.