There are now five bills relating to North Carolina’s renewable energy tax credit, which is currently scheduled to expire at the end of 2015. Three identical bills introduced March 30th and April 2nd (S. 562, S. 447, and H. 454) would extend the 35% credit through the end of 2020. Beginning in 2018, the tax credit would no longer be available to PV systems 1 MW or larger.
S. 372, which has passed the Senate and is now under consideration by the House, extends the credit by one year for taxpayers that meet a number of requirements. The taxpayer must submit a written statement on or before October 1, 2015, specifying the system location; an estimate of the cost, tax credit, and system size; and a non-refundable application fee of $1,000 per MW, with a minimum fee of $5,000. By January 1, 2016, for systems up to 65 MW, the taxpayer must submit certification and notarized reports verifying that at least 80% of the physical construction and at least 80% of the cost of the installation have been incurred. For larger systems, the taxpayer must submit certification and notarized reports verifying that at least 50% of the physical construction and at least 50% of the cost of the installation have been incurred.
The fifth bill (S. 329), introduced in mid-March, extends the tax credit to the end of 2019. The bill remains in committee.