NC H801

Reenacts G.S. 105-129.16A to restore a 35% tax credit for taxpayers who construct, purchase, or lease qualifying solar energy equipment placed in service in North Carolina.

For nonbusiness solar installations, the credit must be taken in the year equipment is placed in service; for business installations, the credit is taken in five equal annual installments beginning the year equipment is placed in service.

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

Prohibits taxpayers from claiming both this credit and other renewable energy credits for the same equipment, and requires lessors to certify they will not claim credits on leased equipment.

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