SF 97 (LSB 1404XS (4) 87)

SENATE FILE 97

BY  BOLKCOM, PETERSEN, TAYLOR, BISIGNANO, DOTZLER, DVORSKY, KINNEY, ALLEN, JOCHUM, LYKAM, BOULTON, MATHIS, RAGAN, and McCOY

A BILL FOR

An Act increasing the amount of solar energy system tax credits that may be claimed annually and including effective date and retroactive applicability provisions.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  Section 422.11L, subsection 4, paragraph a, Code 2017, is amended to read as follows:
   a.  The cumulative value of tax credits claimed annually by applicants pursuant to this section shall not exceed five ten million dollars. Of this amount, at least one million dollars shall be reserved for claims associated with or resulting from residential solar energy system installations. In the event that the total amount of claims submitted for residential solar energy system installations in a tax year is an amount less than one million dollars, the remaining unclaimed reserved amount shall be made available for claims associated with or resulting from nonresidential solar energy system installations received for the tax year.
    Sec. 2.  EFFECTIVE UPON ENACTMENT.  This Act, being deemed of immediate importance, takes effect upon enactment.
    Sec. 3.  RETROACTIVE APPLICABILITY.  This Act applies retroactively to January 1, 2016, for tax years beginning on or after that date.
EXPLANATION
The inclusion of this explanation does not constitute agreement with
the explanation’s substance by the members of the general assembly.
   This bill increases to $10 million from $5 million the amount of solar energy system tax credits that may be claimed annually. The solar energy system tax credits are available for qualifying residential and business solar installations and are calculated as a percentage of the related federal solar energy tax credits. 
   The bill takes effect upon enactment and applies retroactively to January 1, 2016, for tax years beginning on or after that date.