Bill Summary for H 633 (2021-2022)

Summary date: 

Apr 21 2021

Bill Information:

View NCGA Bill Details2021
House Bill 633 (Public) Filed Wednesday, April 21, 2021
AN ACT TO REENACT A SOLAR ENERGY TAX CREDIT.
Intro. by von Haefen.

View: All Summaries for BillTracking:

Bill summary

Reenacts GS 105-129.16A as it existed immediately before its expiration in 2016 and amends the statute as follows. Grants a taxpayer that has constructed, purchased, or leased qualifying solar energy equipment, as defined by statutory cross-reference (was, "renewably energy property"), a credit equal to 35% of the cost of the equipment if the equipment is placed in service in the State during the taxable year. Makes conforming changes to reflect the change in terminology to qualifying solar energy equipment. Modifies the nonbusiness credit ceilings to no longer include an $8,400 ceiling for each installation of geothermal equipment or a $10,500 ceiling for each installation of any other renewable energy property. Eliminates subsections (e) through (h), which provide for outdated sunset provisions. Effective for taxable years beginning on or after January 1, 2021. 

© 2021 School of Government The University of North Carolina at Chapel Hill

This work is copyrighted and subject to "fair use" as permitted by federal copyright law. No portion of this publication may be reproduced or transmitted in any form or by any means without the express written permission of the publisher. Distribution by third parties is prohibited. Prohibited distribution includes, but is not limited to, posting, e-mailing, faxing, archiving in a public database, installing on intranets or servers, and redistributing via a computer network or in printed form. Unauthorized use or reproduction may result in legal action against the unauthorized user.

Printer-friendly: Click to view