Reenacts GS 105-129.16A as it existed immediately before its expiration in 2016 and amends the statute as follows. Grants a taxpayer that has constructed, purchased, or leased qualifying solar energy equipment, as defined by statutory cross-reference (was, "renewably energy property"), a credit equal to 35% of the cost of the equipment if the equipment is placed in service in the State during the taxable year. Makes conforming changes to reflect the change in terminology to qualifying solar energy equipment. Modifies the nonbusiness credit ceilings to no longer include an $8,400 ceiling for each installation of geothermal equipment or a $10,500 ceiling for each installation of any other renewable energy property. Eliminates subsections (e) through (h), which provide for outdated sunset provisions. Effective for taxable years beginning on or after January 1, 2022.
Status: Ref to the Com on Finance, if favorable, Rules, Calendar, and Operations of the House (House action) (May 31 2022)
Bill H 1123 (2021)Summary date: May 26 2022 - View Summary