Bill Summary for S 747 (2011-2012)

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Summary date: 

Apr 20 2011

Bill Information:

View NCGA Bill Details2011-2012 Session
Senate Bill 747 (Public) Filed Tuesday, April 19, 2011
Intro. by Hartsell, Stein, Bingham.

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Bill summary

Requires the NC Utilities Commission (Commission), by rule or by order, to require certain public utilities to enter into a long-term contract for one or more qualifying offshore wind generators (defined as a facility located in federal waters with at least 50% of the facility within the administrative boundaries of NC as defined by the federal Department of the Interior) with a total nameplate capacity of 2,500 megawatts, with the first facility producing electricity by December 31, 2017 or as close as practically possible to that date. Tasks the Commission with developing a process for drafting and issuing a request for proposals for contracts to construct offshore wind generators, and tasks the Department of Commerce with evaluating each proposal to determine its costs and benefits to the state. Requires the Commission to decide which proposals to approve, if any, by October 31, 2012, and then to require participating electric utilities to enter into contracts to purchase the output according to a specified formula. Allows participating electric utilities to retain or sell any renewable energy certificates, air emission credits, or offsets associated with the project, and to charge an increment or decrement as a rider to its rates to offset costs associated with the law’s requirements.
Amends GS 105-164.14B to add wind energy property manufacturing to the list of business types eligible for certain tax refunds under that law. Provides that the minimum investment requirement for a wind energy property manufacturing facility to qualify for a tax refund is $10 million in a development tier one area and $50 million for all other facilities. Amends the sunset provision in GS 105-164.14B to provide that only certain portions of that section will be repealed for sales made on or after January 1, 2013, and to provide that the new provision related to wind energy property manufacturing will be repealed for sales made on or after January 1, 2022.
Effective January 1, 2014, amends GS 105-129.16I to provide that certain wind energy property (was, renewable energy property) is eligible for a tax credit. Makes conforming changes and extends the sunset provision for the wind energy property credit to January 1, 2020 (was, January 1, 2014).
Aside from the provision related to the wind energy property tax credit, effective when the act becomes law.