Renewable Energy Tax Credit
|Area of Interest||Renewable Energy|
North Dakota allows any taxpayer to claim an income tax credit of 3 percent per year for five years for the cost of equipment and installation of certain eligible renewable energy systems. To be eligible for the credit, the system must be placed in service after December 31, 2000 and before January 1, 2015.
If the amount of the credit exceeds a taxpayer's tax liability, the excess credit may be carried over to each of the five succeeding taxable years. Alternatively, all or part of the unused credit may be sold, assigned or otherwise transferred by the taxpayer to the purchaser of the electricity generated by the system as part of the consideration in a power purchase agreement, or to any North Dakota taxpayer that constructs or expands an electricity-transmission line in the state after August 1, 2007.
|Eligible Organizations||Livestock Producer, Commercial/Industrial Business, Residential, Small Business|
|How to Apply||For individuals, the credit is allowed only on Form ND-2. For an estate or trust, the credit is allowed only on Form 38, Schedule 2. A corporation claims the credit on Form 40, Schedule TC.|
|For More Information||http://www.nd.gov/tax/taxincentives/income/energycredit.html|
|Primary Contact||Joe Murphy
North Dakota Department of Commerce
Division of Community Services
1600 East Century Avenue
PO Box 2057
Bismarck, ND 58502-2057