Biofuel Fueling Infrastructure Tax Credit

A taxpayers who constructs a qualified fueling facility that dispenses biodiesel, ethanol, or gasoline blends consisting of at least 70% ethanol (E70) is eligible for a tax credit equal to 15% of the cost of constructing and installing the dispensing infrastructure that is directly and exclusively used for dispensing or storing the fuel, including pumps, storage tanks, and related equipment. The taxpayer must take the credit in three equal annual installments beginning with the taxable year in which the facility is placed into service. This tax credit does not apply to infrastructure placed into service on or after January 1, 2014. (Reference North Carolina General Statutes 105-129.16D(a))