North Carolina has extended its generous 35% tax credit for renewable energy by one year — through December 31, 2016 — for certain taxpayers that meet specific requirements. For all other taxpayers, the credit will expire at the end of 2015. Prior to the enactment of S. 372, the credit was set to expire for all renewables projects at the end of 2015.

To qualify for the extended credit, taxpayers must apply for the credit and pay an application fee of $1,000/MW (with a minimum fee of $5,000) by October 1, 2015, and meet a minimum percentage of incurred costs and partial construction by 01/01/2016. For projects under 65 MW-DC, the minimum required percentage of incurred costs and partial construction is 80%. For larger projects, the minimum required percentage of incurred costs and partial construction is 50%. Full documentation must be submitted by March 1, 2016, to verify that the taxpayer meets the minimum required percentage of incurred costs and partial construction.