Bill Summary for H 563 (2021-2022)

Summary date: 

Apr 14 2021

Bill Information:

View NCGA Bill Details2021
House Bill 563 (Public) Filed Wednesday, April 14, 2021
AN ACT TO REENACT A TAX CREDIT INCENTIVE FOR INVESTING IN RENEWABLE ENERGY PROPERTY.
Intro. by Harris, Autry, Lofton, Hurtado.

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Bill summary

Identical to S 563, filed 4/6/21.

Reenacts GS 105-129.16A, which establishes a tax credit for taxpayers that have invested in renewable energy property at 35% of the cost of the property if placed in service in the state during the taxable year. Extends the sunset of the statute, so that the statute is repealed effective for renewable energy placed into service on or after January 1, 2025 (was January 1, 2016). Repeals subsections (f) through (h), which provide delayed sunsets for certain renewable energy properties. Makes conforming changes. Effective for taxable years beginning on or after January 1, 2021. 

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