Bill Summary for S 652 (2013-2014)

Summary date: 

Apr 3 2013

Bill Information:

View NCGA Bill Details2013-2014 Session
Senate Bill 652 (Public) Filed Tuesday, April 2, 2013
A BILL TO BE ENTITLED AN ACT TO PROVIDE A TAX CREDIT FOR RESEARCH REGARDING MODERN ELECTRIC GRID TECHNOLOGIES.
Intro. by Stein.

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Bill summary

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 for taxes imposed for taxable years beginning on or after January 1, 2013.

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