Bill Summary for S 372 (2015-2016)

Summary date: 

Mar 24 2015

Bill Information:

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.

View: All Summaries for BillTracking:

Bill summary

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. 

 

© 2021 School of Government The University of North Carolina at Chapel Hill

This work is copyrighted and subject to "fair use" as permitted by federal copyright law. No portion of this publication may be reproduced or transmitted in any form or by any means without the express written permission of the publisher. Distribution by third parties is prohibited. Prohibited distribution includes, but is not limited to, posting, e-mailing, faxing, archiving in a public database, installing on intranets or servers, and redistributing via a computer network or in printed form. Unauthorized use or reproduction may result in legal action against the unauthorized user.

Printer-friendly: Click to view