Renewable energy tax breaks remain with phased-out repeal

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Photo: MGN

RALEIGH, NC (AP) — 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.

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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.

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