NC S763

Modifies renewable energy tax credit to allow 35% credit on cost of property placed in service, with nonbusiness property credited in full year of placement and business property credited in five equal installments beginning with placement year.

Extends historic rehabilitation tax credit sunset from January 1, 2015, to January 1, 2020, and restructures the credit with tiered percentages (15-20% base rate), development tier bonuses (5%), and targeted investment bonuses (5%) for qualifying structures.

Reduces film production tax credit from 25% to 22.5% of qualifying expenses and implements $40 million annual cap on combined credits under G.S. 105-130.47 and 105-151.29, with apportionment if claims exceed maximum.

Adds piped natural gas to various sales tax exemptions and reporting requirements for manufacturers, laundries, and farmers, and requires accrual basis reporting for retailers selling piped natural gas and prepaid meal plans.

Makes technical corrections to revenue laws including modifications to service contract exemptions, retailer definitions, prepaid meal plan reporting procedures, and provisions clarifying tax treatment of vapor products and telecommunications property valuation.