Insurer Wins Bid for North Carolina Renewable Energy Tax Credits

A North Carolina insurance company convinced a state trial court that specializes in business cases that it’s entitled to renewable energy tax credits.

The North Carolina Department of Revenue disallowed North Carolina Farm Bureau Mutual Insurance Co.'s claimed tax credits for 2014 to 2015 and assessed about $24 million in additional taxes, penalties, and interest. N.C. Business Court Judge Adam M. Conrad overturned Monday an administrative law judge’s ruling in favor of the agency, holding that the credits were appropriate.

“The transactions at issue were real, not fictitious, and they involved exactly the kind of economic activity that the General ...