Bills › 89th General Assembly
Reducing the solar energy system tax credit wait list by reducing authorized aggregate tax credits for certain economic development programs
Topics:Business & economyEnergy & utilitiesTax credits & incentivesWind & solar
Same legislation: HF 674
Where it is now
- Done: IntroducedFebruary 23, 2021
- Stopped: SubcommitteeDied when the General Assembly ended
- Next: House committee
- Next: Passes the House
- Next: Senate committee
- Next: Passes the Senate
- Next: To the Governor
- Next: Signed into law
Died when the session ended The 2022 session adjourned on May 24, 2022, the General Assembly’s last regular session. Bills that didn’t pass both chambers died. What’s a funnel?
What’s in it
AI summary People looking to get tax credits for solar energy systems may currently have to wait on a list because of a yearly spending limit. This law would allow the state to give out more than the usual $5 million in solar tax credits each year to help clear that waiting list. Once the list is empty, the state will go back to its original spending limits for other economic development programs.1
Read the official explanation
This bill reduces the solar energy system tax credit wait list by reducing authorized aggregate tax credits for certain economic development programs. Currently, the cumulative value of solar energy system tax credits claimed is annually capped at $5 million. The bill allows the cumulative value of tax credits claimed annually to exceed the $5 million cap amount until such time the wait list for the tax credit is eliminated. The amount of tax credits that may be claimed in excess of the $5 million cap shall equal the amount of tax credits placed on the wait list, but shall not exceed $7 million over the cap. The bill requires the director of revenue, at the beginning of each fiscal year, to notify the director of the department of economic authority of the cumulative value of tax credits on the solar energy system tax credit wait list. The bill also requires the director of the department of revenue to notify the director of the economic development authority when the cumulative value of the tax credits on the solar energy system tax credit wait list is zero, at which point authorized aggregate tax credits for certain economic development programs shall cease being reduced.119.119, the bill requires the economic development authority to reduce the $170 million authorized tax credit aggregate amount by the cumulative value of the solar energy system tax credits on the wait list until such time the wait list for the solar energy system tax credit is eliminated. The solar energy system tax credit is available against the individual and corporate income taxes, franchise tax, and moneys and credits tax.
Iowa Code it changes
Lobbying
2 for · 0 against · 8 undecided · Who →
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89th General Assembly