NC H633

Reenacts G.S. 105-129.16A to restore the solar energy equipment tax credit, allowing taxpayers a credit equal to 35% of the cost of qualifying solar energy equipment placed in service in North Carolina.

For nonbusiness solar equipment, the full credit must be claimed in the taxable year the equipment is placed in service; for business solar equipment, the credit is taken in five equal installments beginning with the year of placement in service.

Establishes credit ceilings of $2,500,000 for business installations, $1,400 to $10,500 per dwelling unit for nonbusiness purposes depending on equipment type, and $5,000,000 for Eco-Industrial Park installations.

Prevents double crediting by prohibiting taxpayers from claiming both this credit and any other renewable energy credit under the state tax code for the same property or equipment.

Makes the act effective for taxable years beginning on or after January 1, 2021.