NCSEA is pleased an
important tax credit clarification was quickly passed by the North Carolina General Assembly and signed into law by Governor Perdue. NCSEA, business members and partner organizations worked for months to educate and ensure the passage of Senate Bill 388.
The law fixes a problem in the state renewable energy investment tax credit by clarifying that Federal Section 1603 grants provided under the American Recovery and Reinvestment Act (ARRA) are not considered public funds for the
purposes of the state tax credit. The outcome will result in the advancement of several renewable energy projects across the state.