NC H443

Reenacts a tax credit for taxpayers who construct, purchase, or lease renewable energy property placed in service in North Carolina, equal to 35% of the property cost.

For nonbusiness renewable energy property, the full credit is claimed in the year placed in service; for business property, the credit is taken in five equal annual installments beginning in the year placed in service.

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

Expires on January 1, 2025 for most renewable energy property, with earlier expiration dates for certain delayed sunset provisions relating to projects begun before January 1, 2016.

Effective for taxable years beginning on or after January 1, 2023.