Bill Summary for H 131 (2025-2026)

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Summary date: 

Feb 13 2025

Bill Information:

View NCGA Bill Details(link is external)2025-2026 Session
House Bill 131 (Public) Filed Thursday, February 13, 2025
AN ACT TO REENACT A SOLAR ENERGY TAX CREDIT.
Intro. by Buansi, Harrison, Price, Longest.

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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 Eliminates subsections (e) through (h), which provide for outdated sunset provisions.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, 2025.