NC S563

Reenacts G.S. 105-129.16A to restore a tax credit equal to 35% of the cost of renewable energy property placed in service in North Carolina.

For nonbusiness residential properties, the full credit must be claimed in the year property is placed in service; for all other properties, the credit is taken in five equal annual installments beginning when property is placed in service.

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

Extends the sunset date from January 1, 2016 to January 1, 2025 for most renewable energy property, with additional delayed sunsets for certain large-scale projects and biomass resources meeting specific construction and cost thresholds as of January 1, 2016.

Becomes effective for taxable years beginning on or after January 1, 2021.