NC H563

Reenacts a 35% tax credit for taxpayers who construct, purchase, or lease renewable energy property placed in service in North Carolina

Nonbusiness renewable energy property qualifies for a single-year credit, while business property credits are taken in five equal annual installments

Establishes credit ceilings of $2,500,000 for business installations, $5,000,000 for Eco-Industrial Parks, and $1,400-$10,500 for nonbusiness residential installations depending on equipment type

Terminates the credit for property if the equipment is disposed of, taken out of service, or moved out of State before all installments are claimed

Extends the credit expiration date from January 1, 2016 to January 1, 2025, with delayed sunset provisions for certain large-scale projects meeting specific construction and cost requirements by January 1, 2016