Proyectos de ley › 90.ª Asamblea General
Creating an electric outdoor power equipment tax credit available against the individual and corporate income taxes, and including retroactive applicability provisions
Dónde está ahora
- Hecho: Presentado12 de febrero de 2024
- Se detuvo: SubcomitéMurió al terminar la Asamblea General
- Sigue: Comité de la Cámara
- Sigue: Lo aprueba la Cámara
- Sigue: Comité del Senado
- Sigue: Lo aprueba el Senado
- Sigue: A gobernador(a)
- Sigue: Firmado como ley
Murió al terminar la sesión La sesión de 2024 terminó el 19 de abril de 2024, la última sesión ordinaria de la Asamblea General. Los proyectos que no pasaron por ambas cámaras murieron. ¿Qué es el embudo (funnel)?
Qué contiene
Resumen con IA People and businesses in Iowa can get a tax credit for buying battery-powered outdoor tools like lawn mowers, chainsaws, or snowblowers. The state will give out up to $5 million in total credits on a first-come, first-served basis. If you use more credit than you owe in taxes this year, you can apply the leftover amount to next year's taxes. (Todavía no está traducido al español.)1
Lea la explicación oficial (en inglés)
This bill creates an electric outdoor power equipment tax credit available against the individual and corporate income taxes. Under the bill, a taxpayer who has purchased electric outdoor power equipment may claim a tax credit in an amount equal to percent of the sales price of the electric outdoor power equipment purchased during the tax year. The bill defines “electric outdoor power equipment” to mean battery-powered equipment used principally for outside service including an aerator, auger, blower, chain saw, dethatcher, edger, trimmer, lawn mower, pole saw, snowblower, and tiller. Any credit in excess of the taxpayer’s liability for the tax year is not refundable but may be credited to the tax liability for the following tax year. The bill requires the department of revenue to accept and approve applications on a first-come, first-served basis until the maximum amount of tax credits allowed during the tax year are claimed. The bill establishes the maximum amount of tax credits that may be claimed during the tax year at $5 million. If, for a tax year, the aggregate amount of tax credits applied for exceeds the maximum amount of tax credit available, the department shall establish a wait list for tax credits. The bill provides that $2 million of the maximum amount of tax credits available shall be reserved for individual income taxpayers. If the total amount of claims submitted for individual income taxpayers in a tax year is an amount less than $2 million, the remaining unclaimed amount shall be made available for claims associated with other eligible taxpayers. A taxpayer claiming the tax credit shall provide documentation supporting the tax credit claim in a form and manner prescribed by the department of revenue. A tax credit issued under the bill is not transferable to any person. The bill applies retroactively to electric outdoor power equipment purchased on or after January 1, 2024, for tax years occurring on or after that date.