Renewable Fuel Production Facility Tax Credit

A taxpayer that constructs and places into service three or more commercial facilities for processing biodiesel, ethanol, or gasoline blends consisting of at least 70% ethanol (E70) in North Carolina and invests at least $400 million in the facilities may be eligible for a credit equal to 35% of the cost of constructing and equipping the facilities. To claim the credit, the taxpayer must obtain a written determination from the North Carolina Department of Commerce that the taxpayer is expected to invest at least $400 million in three or more facilities within a five-year period. This tax credit does not apply to facilities placed into service on or after January 1, 2014. (Reference North Carolina General Statutes 105-129.16D(b1))