RENEWABLE ENERGY SAFE HARBOR.

View NCGA Bill Details2015-2016 Session
Senate Bill 372 (Public) Filed Tuesday, March 24, 2015
AN ACT TO PROVIDE A SAFE HARBOR FOR RENEWABLE ENERGY PROJECTS THAT ARE SUBSTANTIALLY COMPLETED BY JANUARY 1, 2016, BY EXTENDING THE TAX CREDIT FOR RENEWABLE ENERGY PROPERTY ONE YEAR FOR THOSE PROJECTS.
Intro. by Rucho, Tillman, Rabon.

Status: Ch. SL 2015-11 (Senate Action) (Apr 30 2015)

SOG comments (1):

Long title change

Committee substitute to the 1st edition changed the long title. Original title was AN ACT TO EXTEND THE CREDIT FOR INVESTING IN RENEWABLE ENERGY PROPERTY.

S 372/S.L. 2015-11

Bill Summaries:

  • Summary date: May 5 2015 - More information

    AN ACT TO PROVIDE A SAFE HARBOR FOR RENEWABLE ENERGY PROJECTS THAT ARE SUBSTANTIALLY COMPLETED BY JANUARY 1, 2016, BY EXTENDING THE TAX CREDIT FOR RENEWABLE ENERGY PROPERTY ONE YEAR FOR THOSE PROJECTS. Enacted April 30, 2015. Effective April 30, 2015.


  • Summary date: Mar 26 2015 - More information

    Senate committee substitute makes the following changes to the 1st edition.

    Changes the long title.

    Deletes all of the changes from the previous edition and creates a new GS 105-129.16A(f) providing for a delayed sunset for renewable energy property placed into service on or after January 1, 2017. Provides that taxpayers become eligible for the delayed sunset if they make a timely application for the extension, pay the application fee, and meet the two following conditions on or before January 1, 2016: (1) they have incurred at least the minimum percentage of costs of the projects and (2) completed at least the minimum percentage of the physical construction of the project. Specifies criteria for project costs and construction minimums. Provides that an application and payment must be filed with the Secretary of Revenue on or before October 1, 2015. Sets out requirements for the application. Establishes a $1,000 per megawatt of capacity nonrefundable fee, with a minimum fee of $5,000. Further provides that taxpayers must submit the required and specified documentation, verifying that they meet the requirements for the minimum percentage of incurred costs and partial construction, by March 1, 2016. Required documentation includes written certification signed by the taxpayer regarding the minimum percentages as well as notarized copies of written reports by an independent engineer and a certified public accountant as specified. 


  • Summary date: Mar 24 2015 - More information

    Amends the sunset provisions for GS 105-129.16A, concerning tax credits for renewable energy property, providing that the tax credit expires on January 1, 2016, for renewable energy property unless the taxpayer meets all specified requirements, upon which the tax credit will expire on January 1, 2017. The requirements include: the taxpayer submitting a written statement to the Secretary of Revenue on or before October 1, 2105, specifying the location and good faith estimate of the total cost, total credit that is anticipated to be claimed, and the total size of megawatt capacity of each installation of renewable energy property proposed. Also requires an application fee of $1,000 per megawatt capacity, with a minimum fee of $5,000. Further requires the taxpayer to submit specified documents concerning renewable energy property already under construction and installation as of January 1, 2016, to the Secretary of Revenue on or before March 31, 2016. 

     


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