GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 2007

H                                                                                                                                                    1

HOUSE BILL 1846

Short Title:     Credit for Recycling Vegetable Oil.		(Public)
Sponsors:	Representatives Tarleton;  Faison, Rapp, and Samuelson.
Referred to:	Energy and Energy Efficiency, if favorable, Finance.

April 19, 2007

A BILL TO BE ENTITLED

AN ACT to provide a tax credit for installing equipment to convert used vegetable oil into fuel.

The General Assembly of North Carolina enacts:

SECTION 1.  Article 3B of Chapter 105 of the General Statutes is amended by adding a new section to read:

"§ 105‑129.16G.  Credit for converting used vegetable oil to fuel.

A taxpayer that purchases and installs equipment to convert used vegetable oil into fuel is allowed a credit equal to twenty‑five percent (25%) of the cost of purchasing and installing the equipment. A taxpayer that claims a credit under this section may not claim a credit under G.S. 105‑129.16A, 105‑129.16D, or 105‑129.16F with respect to the same property. This section is repealed for taxable years beginning on or after January 1, 2011."

SECTION 2.  This act is effective for taxable years beginning on or after January 1, 2007.