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.
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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