Text: SF00545 Text: SF00547 Text: SF00500 - SF00599 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. NEW SECTION. 422.11F ENERGY EFFICIENCY
1 2 IMPROVEMENT TAX CREDIT.
1 3 The taxes imposed under this division, less the credit
1 4 allowed under section 422.12 and other nonrefundable credits,
1 5 shall be reduced by an energy efficiency improvement tax
1 6 credit. The amount of the credit equals twenty-five percent
1 7 of the cost of weatherization measures to improve energy
1 8 efficiency of the taxpayer's residence related to winter
1 9 heating and summer cooling. The tax credit shall be taken in
1 10 the tax year in which the improvement is completed. In
1 11 computing the amount of the credit, costs incurred within one
1 12 year of the completion of the improvement may be used. The
1 13 taxpayer shall obtain certification from the local public
1 14 utility that the improvement did result in energy efficiency.
1 15 The utilities board in the utilities division of the
1 16 department of commerce shall adopt rules relating to the
1 17 certification process, notice of the credit, and certification
1 18 procedures. The taxpayer shall attach the certificate to the
1 19 taxpayer's individual income tax return.
1 20 Any credit in excess of the tax liability shall be
1 21 refunded. In lieu of claiming a refund, a taxpayer may elect
1 22 to have the overpayment shown on the taxpayer's final,
1 23 completed return credited to the tax liability for the
1 24 following tax year.
1 25 Sec. 2. EFFECTIVE AND APPLICABILITY DATES. This Act,
1 26 being deemed of immediate importance, takes effect upon
1 27 enactment and applies retroactively to January 1, 2001, for
1 28 tax years beginning on or after that date, and applies to
1 29 energy efficiency improvements completed after the effective
1 30 date.
1 31 EXPLANATION
1 32 This bill provides an individual income tax credit for
1 33 making energy efficiency improvements to the individual's
1 34 residence for weatherization measures related to winter
1 35 heating and summer cooling. The credit equals 25 percent of
2 1 the cost of the improvements. The credit is refundable. The
2 2 credit is taken in the year in which the improvement is
2 3 completed and costs incurred within one year of the completion
2 4 date may be used in computing the credit.
2 5 The bill takes effect upon enactment and applies
2 6 retroactively to January 1, 2001, for tax years beginning on
2 7 or after that date and applies to improvements completed after
2 8 the effective date.
2 9 LSB 2965XS 79
2 10 mg/pj/5
Text: SF00545 Text: SF00547 Text: SF00500 - SF00599 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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