Bill Summaries: H930 (2015-2016 Session)

Tracking:
  • Bill H 930 (2015-2016)
    Summary date: Apr 20 2015 - View summary

    Amends GS 105-129.16A to add subsection (a1) providing for a carryforward redemption for the tax credit for constructing, purchasing, or leasing renewable energy property as specified in this section. Provides that a credit must be carried forward due to specified limitations, then the taxpayer can make a binding election to redeem the carryforward in a taxable year so long as the credit allowed does not exceed the tax against which the credit is claimed for the taxable year. Provides that the carryforward redemption amount is equal to 90% of the amount of the carryforward. Also enacts subsection (d1) providing for a special allocation which allows a taxpayer to allocate the credit received pursuant to this section to another business entity in accordance with the provisions of any agreement between the taxpayer and the business entity.

    Amends GS 105-129.17(b) concerning a tax credit cap, clarifying that the section also applies to carryforwards not redeemed pursuant to GS 105-129.16A(a1).
    Environment, Energy, Government, Tax, Public Enterprises and Utilities
    GS 105

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