Bill Summary for H 872 (2011-2012)

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Summary date: 

Apr 27 2011

Bill Information:

View NCGA Bill Details2011-2012 Session
House Bill 872 (Public) Filed Wednesday, April 27, 2011
TO PROVIDE A TAX CREDIT FOR RESEARCH REGARDING TECHNOLOGIES FOR THE MODERN ELECTRIC GRID, AS THAT TERM IS DEFINED UNDER THE FEDERAL ENERGY POLICY ACT OF 2007.
Intro. by Bordsen, Martin.

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Bill summary

Identical to S 671, filed 4/19/11.

Adds to list of business and energy tax credits in GS Chapter 105, Article 3B, tax credit for development of smart electric grid technology. Provides detailed definition of this technology, including (1) integrated communications; (2) advanced components, including storage devices such as plug-in hybrid electric vehicles and advanced batteries, and appliances that delay operation in response to price signals; (3) advanced control and monitoring methods permitting rapid diagnosis and response to events; (4) sensing and measuring devices, such as those providing real-time information about capacity and consumption; and (5) devices and software permitting better decision-making at all levels of the grid. Amount of credit is percentage (either 15% or 20%) of qualifying expenses exceeding $50,000. Qualifying expenses are of two types: (1) compensation, wages, and other benefits paid to a full-time employee and (2) payment for services made to a community college or research university in the state. Prohibits taxpayer from double benefit by additionally claiming credit under certain other statutory provisions for same expenses. Effective July 1, 2011.