Directive PD-00-3

Subject: Revised Guidelines for Renewable Energy Tax Credit
Tax: Franchise Tax, Income Tax, and Gross Premiums Tax
Law: Chapter 105, Article 3B (G.S. 105-129.15 through 105-129.19)
Issued By: Personal Taxes Division
Date: December 4, 2000
Number: PD-00-3

The 1999 session of the General Assembly repealed the various renewable energy tax credits in the corporation and individual income tax laws and recodified those provisions into one credit for investing in renewable energy property. The credit is recodified as part of Article 3B of Chapter 105 of the North Carolina General Statutes and may now be claimed against franchise tax, income tax, or gross premiums tax. These changes were effective for taxable years beginning on or after January 1, 2000.

The document, Guidelines for Determining the Income Tax Credit for Solar Energy Equipment, dated April 5, 1996, has been revised to reflect the law changes and has been renamed Guidelines for Determining the Tax Credit for Investing in Renewable Energy Property.

The revised document is available on the Department's website at www.ncdor.gov.   A copy of the document may also be obtained by calling the Personal Taxes Division of the North Carolina Department of Revenue at 919-814-1066 or by writing to the Division at P.O. Box 871, Raleigh, N. C. 27602-0871.