Senate committee substitute makes the following changes to 2nd edition. Deletes all provisions of the previous edition and replaces them with AN ACT TO ALLOW THE RENEWABLE ENERGY TAX CREDIT TO BE ALLOCATED BY A PASS-THROUGH ENTITY TO ITS OWNERS AND TO CHANGE THE DEFINITION OF COST. Rewrites GS 105-129.15(2) to include in the definition of cost property leased by the taxpayer. Provides that in the case of property leased by the taxpayer, pursuant to a lease agreement entered into on or before December 31, 2011, the taxpayer may elect to determine cost as value determined pursuant to GS 105-130.4(j)(2); removes the restriction against doing so if the property is renewable energy property for which the taxpayer claims either a federal energy credit or a federal grant and makes a lease pass through election.
Amends GS 105-129.16A to create new subsection (a1), which provides and details that a qualifying pass-through entity may allocate the credit among any of its owners so long as the owners meet specified criteria. Effective for taxable years beginning on or after January 1, 2012.