Enacts new GS 105-151.33, allowing a tax credit equal to 15% of the home renovation expenses for activities performed during the taxable year that exceed $1,000. Limits the credit to $1,350, and specifies that the credit may not exceed the amount of tax imposed for the taxable year reduced by all credits allowed, except tax payments made by or on behalf of the taxpayer. Allows unused credit to be carried forward for five years. Requires the taxpayer to make records available for inspection by the Secretary of Revenue. Includes applicable definitions. The credit expires for home renovation expenses for activities performed on or after January 1, 2013. Effective for renovation expenses for activities performed on or after July 1, 2011, and effective for taxable years beginning on or after January 1, 2011.
Enacts new GS 105-151.34, allowing a tax credit of $1,500 for each new energy-efficient home purchased by a taxpayer during the taxable year. Specifies that the credit may not exceed the tax imposed for the taxable year reduced by all credits allowed, except tax payments made by or on behalf of the taxpayer. Allows unused credit to be carried forward for five years. Requires the taxpayer to make records available for inspection by the Secretary of Revenue. Includes applicable definitions. The credit expires for new energy-efficient home purchases made on or after January 1, 2016. Effective for taxable years beginning on or after January 1, 2012.