NC S372

Extends the tax credit for renewable energy property to January 1, 2017 for projects substantially completed by January 1, 2016, rather than the original sunset date.

Requires taxpayers to submit applications by October 1, 2015 with a nonrefundable fee of $1,000 per megawatt of capacity (minimum $5,000).

Establishes different completion thresholds based on project size: 80% of costs incurred and physical construction for projects under 65 megawatts; 50% for projects 65 megawatts or larger.

Requires documentation by March 1, 2016 including taxpayer certification, independent engineer report, and certified public accountant report verifying the minimum construction and cost requirements were met.

Became effective upon enactment on April 30, 2015.