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North Carolina’s renewable energy tax breaks remain with phased-out repeal 

Credit:  NC's renewable energy tax breaks remain with phased-out repeal | The Associated Press | www.wxii12.com ~~

The new year’s repeal of North Carolina’s tax credit on renewable energy equipment investments doesn’t mean that break is completely over.

The General Assembly approved a phased-out repeal that allows incomplete solar, hydroelectric and biomass projects to get the 35 percent credit if taxpayers applied by Oct. 1 and the projects were substantially completed Jan. 1.

The Revenue Department told a legislative energy policy panel Tuesday it had received 201 such applications reporting $938 million in credits. Speakers cautioned actual credits taken likely would be much less because some projects won’t materialize or credits may never be used. Better figures should come later. Some businesses also could take 10 years to exhaust their credits.

The department previously reported tax filers took $127 million in credits that were processed in 2014.

Source:  NC's renewable energy tax breaks remain with phased-out repeal | The Associated Press | www.wxii12.com

This article is the work of the source indicated. Any opinions expressed in it are not necessarily those of National Wind Watch.

The copyright of this article resides with the author or publisher indicated. As part of its noncommercial educational effort to present the environmental, social, scientific, and economic issues of large-scale wind power development to a global audience seeking such information, National Wind Watch endeavors to observe “fair use” as provided for in section 107 of U.S. Copyright Law and similar “fair dealing” provisions of the copyright laws of other nations. Send requests to excerpt, general inquiries, and comments via e-mail.

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