HF 2535: Establishing a solar electricity generation replacement tax corporate tax credit for electricity generated on certain property and including applicability provisions

What it does

This bill establishes a tax credit against the corporate income tax under Code chapter 422, subchapter III.6 on each solar energy conversion facility owned or operated by the taxpayer during the applicable tax year if the tax year begins within years following the date the facility was initially placed into service and if all of the following conditions are met: (1) a portion of the land upon which the facility is located is used by a person who is actively engaged in a farming operation on the land; (2) the facility is situated on the land in a manner that facilitates the establishment or continuation of a farming operation; (3) a conservation buffer strip at least feet in width is maintained between all streams on the land, if any, and any source of nitrogen, manure, or any other regulated contaminant that is applied on the land in conjunction with a farming operation; and (4) if the farming operation on the land includes actively maintaining a habitat for pollinating insects, the total area of the habitat for that purpose does not exceed percent of the total area of the land.

Lobbying · 1 for, 0 against

For: Iowa Farmers Union

In plain words

1. February 24, 2022Filed in the House and sent to the Commerce committee