GENERAL ASSEMBLY OF NORTH CAROLINA

1983 SESSION

 

 

CHAPTER 1104

HOUSE BILL 665

 

AN ACT TO AMEND THE CORPORATION INCOME TAX ACT TO PROVIDE FOR SOLAR TAX CREDITS FOR CORPORATIONS ENGAGED IN SERVICE AS WELL AS MANUFACTURING BUSINESSES.

 

The General Assembly of North Carolina enacts:

 

Section 1.  G.S. 105-130.32 is rewritten to read as follows:

"§ 105-130.32.  Credit against corporate income tax for installation of solar equipment for the production of industrial or process heat. - (a) Any corporation that constructs or installs solar equipment for the production of heat in the manufacturing or service processes of its business located in this State shall be allowed a credit against the tax imposed by this Division equal to twenty percent (20%) of the installation and equipment costs of the solar equipment. The credit allowed under this section may not exceed eight thousand dollars ($8,000) for any single installation. This credit shall not be allowed to the extent that any of the costs of the system were provided by federal, State, or local grants. To secure the credit allowed by this section, the taxpayer must own or control the business at the time the solar equipment is installed. The credit allowed by this section may not exceed the amount of the tax imposed by this Division for the taxable year reduced by the sum of all credits allowable under this Division, except payments of tax made by or on behalf of the taxpayer.

(b)       As used in this section, 'solar equipment' means equipment and materials designed to collect, store, transport, or control energy derived directly from the sun."

Sec. 2.  This act shall become effective for tax years beginning on and after January 1, 1984.  Nothing herein shall be construed to limit or repeal the existing G.S. 105-130.32 as it applies to tax years previous to January 1, 1984.

In the General Assembly read three times and ratified, this the 6th day of July, 1984.