Under the Dome

McCrory signs tax credit for renewable energy into law

Gov. Pat McCrory signed into law Senate Bill 372 on Thursday, extending the tax credit for renewable energy projects in the state.

“Renewable energy is an important part of an all-of-the-above energy policy that produces clean power, creates jobs and generates revenue in communities that need it most,” McCrory said in a statement.

Senate Bill 372 extends the tax credit for renewable energy projects in advanced stages of development for one year.

Originally set to expire at the end of this year, the delayed sunset moves the tax credit expiration to Jan. 1, 2017.

To qualify for the credit, projects that will have less than 65 megawatts of capacity must be 80 percent complete by Jan. 1, 2016. For projects that will have 65 megawatts of capacity or more, the project must be 50 percent complete by Jan. 1, 2016.

Click here to read the legislation.

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