Vote to adopt a conference report that advocates investment in alternative energy by extending tax credit for renewable energy producers and the construction of green facilities.
-Establishes a ceiling of $2.5 million to apply to each installation of renewable energy property placed in service for a business purpose and establishes the ceilings applicable to renewable energy property in service for a non-business purpose, as follows (Sec. 2):
-1,400 per dwelling unit for solar energy equipment for domestic water heating, including pool heating;
-$3,500 per dwelling unit for solar energy equipment for active space heating, combined active space and domestic hot water systems, and passive space heating;
-$8,400 for each installation of geothermal equipment; and
-$10,500 for each installation of any other renewable energy property.
-Prohibits a double credit, whereby a taxpayer claims another credit for the same renewable energy property facility (Secs. 2-3).
-Entitles any taxpayer that constructs or converts a facility for the manufacture of renewable energy, a credit of 25 percent in order to cover the costs of constructing or converting and equipping the facility (Sec. 3).
-Specifies that a credit expires and a taxpayer is denied any remaining installment of the credit if in a particular year the installment of a credit accrues and a renewable energy property facility is disposed or taken out of service, or transferred out of the state (Sec. 3).
-Authorizes a county to establish a revolving loan fund and a loan loss reserve fund to finance or assist with financing the purchase and installation of distributed generation renewable energy sources or cost saving energy improvements that are permanently assigned for residential, commercial, or other real property (Sec. 4).
-Limits the annual interest charged for the use of funds from the revolving fund to 8 percent per annum, excluding other fees for loan application review and origination, and limits the term of any loan to 20 years (Sec. 4).
-Specifies that real property donated for conservation purposes in the state of North Carolina during the taxable year is allowed a credit against the tax equal to 25 percent of the fair market value of the donated property interest (Sec. 5).
-Requires a taxpayer to file with the income tax return for the taxable year in which the credit is claimed, the following (Sec. 5):
-A certification by the Department of Environment and Natural Resources that the property donated is suitable for 1 or more of the valid public benefits; and
-A self-contained appraisal report or summary appraisal report, or documentation of the county's appraised value of the donated property if it is a fee simple absolute donation of real property.
July 1, 2010
NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.
June 9, 2010