NC S671

Provides a tax credit for taxpayers that develop smart-grid technology in North Carolina, with credit equal to a percentage of qualifying expenses exceeding $50,000.

Defines smart-grid technology to include integrated communications, advanced components, advanced control and monitoring methods, sensing and measurement devices, and improved interfaces and decision support systems.

Allows a 20% credit for expenses paid to participating community colleges or research universities, and a 15% credit for other qualifying expenses (wages, compensation, and employee fringe contributions for full-time jobs or amounts paid to higher education institutions).

Prevents double benefits by prohibiting taxpayers from claiming this credit along with other tax credits, Job Development Investment Grant Program grants, or One North Carolina Fund grants on the same expenses.

Becomes effective July 1, 2011.