Raleigh, N.C. – May 4, 2015 – (RealEstateRama) — Governor Pat McCrory took action on Senate Bill 372 today, which extends the tax credit for renewable energy projects in the state.
“I am pleased to sign Senate Bill 372 to bring new renewable energy projects online in North Carolina,” said Governor McCrory. “Renewable energy is an important part of an all-of-the-above energy policy that produces clean power, creates jobs and generates revenue in communities that need it most.”
Senate Bill 372 extends the tax credit for renewable energy projects in advanced stages of development for one year. Originally set to expire January 1, 2016, the delayed sunset moves the tax credit expiration to January 1, 2017. Under the new law, projects that have begun and meet certain requirements by January 1, 2016 will be eligible for a tax credit for an extended year until January 1, 2017. To qualify for the credit, projects that will have less than 65 megawatts of capacity, must be 80 percent complete by January 1, 2016. For projects that will have 65 megawatts of capacity or more, the project must be 50 percent complete by January 1, 2016. Click here to read a copy of the legislation.
Senate Bill 372 was sponsored by Senators Bob Rucho, Jerry Tillman and Bill Rabon and carried in the House by Representative Bill Brawley.