Bill Summaries: S563 (2021)

  • Summary date: Apr 6 2021 - View summary

    Reenacts GS 105-129.16A, which establishes a tax credit for taxpayers that have invested in renewable energy property at 35% of the cost of the property if placed in service in the state during the taxable year. Extends the sunset of the statute, so that the statute is repealed effective for renewable energy placed into service on or after January 1, 2025 (was January 1, 2016). Repeals subsections (f) through (h), which provide delayed sunsets for certain renewable energy properties. Makes conforming changes. Effective for taxable years beginning on or after January 1, 2021.