North Carolina 2021-2022 Session Status: In Committee Bipartisan · 6 D · 1 R cosponsors

SB 563 — Renewable Energy Tax Credit.

Last action — Passed 1st Reading

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2021-2022 Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there are no live odds of enactment. It would have to be reintroduced in the current session to move again.

Bill Text

What changed in the latest version

17 added · 18 removed

Plain-language change summary

The recent amendment to Senate Bill 563 includes new provisions related to the tax credits for renewable energy property, specifying that the credit can only be utilized in the taxable year when the property is put into service. Additionally, it clarifies the process for taxpayers who lease renewable energy property, ensuring they can only claim credits under certain conditions. These changes are significant as they aim to streamline the process for claiming tax credits and ensure that benefits are applied more consistently, which can encourage investment in renewable energy in North Carolina.

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FILED SENATE GENERAL ASSEMBLY OF NORTH CAROLINA Apr 6, 2021 S.B.
GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 2021 S 1 SENATE BILL 563 Short Title:
563 SESSION 2021 PRINCIPAL CLERK S D SENATE BILL DRS45296-MCf-149 Short Title:
A BILL TO BE ENTITLED AN ACT TO REENACT A TAX CREDIT INCENTIVE FOR INVESTING IN RENEWABLE ENERGY PROPERTY.
Rules and Operations of the Senate April 7, 2021 A BILL TO BE ENTITLED AN ACT TO REENACT A TAX CREDIT INCENTIVE FOR INVESTING IN RENEWABLE ENERGY PROPERTY.
– A taxpayer that has constructed, purchased, or leased renewable energy property is allowed a credit equal to thirty-five percent (35%) of the cost of the property if the property is placed in service in this State during the taxable year.
– A taxpayer that has constructed, purchased, or leased renewable energy property is allowed a credit equal to thirty-five percent (35%) of the cost of the property if the propertyis placed in service in this State during the taxable year.
In the case of renewable energy property that serves a nonbusiness purpose, the credit must be taken for the taxable year in which the property is placed in service.
In the case of renewable energy propertythat serves a nonbusiness purpose, the credit must be taken for the taxable year in which the property is placed in service.
Upon request of a taxpayer that leases renewable energy property, the lessor of the property must give the taxpayer a statement that describes the renewable energy property and states the cost of the property.
Upon request of a taxpayer that leases renewable energy property, the lessor of the propertymust give the taxpayer a statement that describes the renewable energy property and states the cost of the property.
*DRS45296-MCf-149* General Assembly Of North Carolina Session 2021 a.
*S563-v-1* General Assembly Of North Carolina Session 2021 a.
– A taxpayer that claims any other credit allowed under this Chapter with respect to renewable energy property may not take the credit allowed in this section with respect to the same property.
– A taxpayer that claims any other credit allowed under this Chapter with respect to renewable energyproperty may not take the credit allowed in this section with respect to the same property.
– Except for taxpayers covered by subsection (f) of this section, this This section is repealed effectivefor renewable energy propertyplaced into serviceon or afterJanuary 1, 2016.2025.
– Except for taxpayers covered by subsection (f) of this section, this This section is repealed effectivefor renewable energypropertyplaced into serviceon or afterJanuary 1, 2016.2025.
– A taxpayer is eligible for the delayed sunset provided by subsection (f)or(g)ofthis sectionifthetaxpayermakes atimelyapplication fortheextension, pays theapplication fee, and meets both ofthefollowing conditions on orbeforeJanuary1, 2016:
– A taxpayer is eligible for the delayed sunset provided bysubsection (f)or(g)of this sectionifthetaxpayermakes atimelyapplication fortheextension, pays theapplication fee, and meets both ofthefollowing conditions on orbeforeJanuary1, 2016:
A taxpayer must provide the documentation required under this subsection to the Department on orbeforeMarch 1, 2016, to verifythatthetaxpayermeets theminimum percentageofincurred costs and partial construction required to be eligible for the sunset extension:
A taxpayer must provide the documentation required under this subsection to the Department on orbeforeMarch 1, 2016, to verifythat thetaxpayermeets theminimum percentageofincurred costs and partial construction required to be eligible for the sunset extension:
(2) A notarized copy of a written report prepared by an independent engineer duly licensed in the State of North Carolina with expertise in the design and construction of installations of renewable energy property stating that at least Page 2 DRS45296-MCf-149 General Assembly Of North Carolina Session 2021 the minimum percentage of the physical construction of the project was completed prior to January 1, 2016.
(2) A notarized copyof a written report prepared byan independent engineer duly licensed in the State of North Carolina with expertise in the design and construction of installations of renewable energy property stating that at least Page 2 Senate Bill 563-First Edition General Assembly Of North Carolina Session 2021 the minimum percentage of the physical construction of the project was completed prior to January 1, 2016.
DRS45296-MCf-149 Page 3
Senate Bill 563-First Edition Page 3
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Action History

  1. Passed 1st Reading

  2. Ref To Com On Rules and Operations of the Senate

  3. Filed

Sponsors

Sponsorship breakdown

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2 sponsors · 8 co-sponsors · 169 not signed on

Sponsors (2)

Co-sponsors (8)

Not signed on (169)

169 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation environment energy
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Frequently asked questions

Who sponsors SB 563?
SB 563 is sponsored by DeAndrea Salvador (Democratic), Michael Garrett (Democratic), Julie Mayfield (Democratic), Clark, Foushee, Mujtaba A. Mohammed (Democratic), Natalie S. Murdock (Democratic), Nickel, Gladys A. Robinson (Democratic), and Brent Jackson (Republican).
What is the current status of SB 563?
This bill died with 2021-2022 Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 563?
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