House
File
779
H-1311
Amend
the
amendment,
H-1309,
to
House
File
779
as
follows:
1
1.
Page
4,
after
line
13
by
inserting:
2
<
DIVISION
___
3
GEOTHERMAL
HEAT
PUMP
TAX
CREDIT
4
Sec.
___.
NEW
SECTION
.
422.12N
Geothermal
heat
pump
tax
5
credit.
6
1.
The
taxes
imposed
under
this
division,
less
the
credits
7
allowed
under
section
422.12,
shall
be
reduced
by
a
geothermal
8
heat
pump
tax
credit
equal
to
twenty
percent
of
the
federal
9
residential
energy
efficient
property
tax
credit
allowed
for
10
geothermal
heat
pumps
provided
in
section
25D(a)(5)
of
the
11
Internal
Revenue
Code
for
residential
property
located
in
Iowa.
12
2.
Any
credit
in
excess
of
the
tax
liability
is
not
13
refundable
but
the
excess
for
the
tax
year
may
be
credited
14
to
the
tax
liability
for
the
following
ten
years
or
until
15
depleted,
whichever
is
earlier.
16
3.
The
department
shall
accept
and
approve
applications
17
on
a
first-come,
first-served
basis
until
the
maximum
amount
18
of
tax
credits
that
may
be
claimed
pursuant
to
subsection
4
19
is
reached.
If
for
a
tax
year
the
aggregate
amount
of
tax
20
credits
applied
for
exceeds
the
amount
specified
in
subsection
21
4,
the
department
shall
establish
a
wait
list
for
tax
credits.
22
Valid
applications
filed
by
the
taxpayer
by
May
1
following
the
23
year
of
the
installation
but
not
approved
by
the
department
24
shall
be
placed
on
a
wait
list
in
the
order
the
applications
25
were
received
and
those
applicants
shall
be
given
priority
26
for
having
their
applications
approved
in
succeeding
years.
27
Placement
on
a
wait
list
pursuant
to
this
subsection
shall
not
28
constitute
a
promise
binding
the
state.
The
availability
of
a
29
tax
credit
and
approval
of
a
tax
credit
application
pursuant
30
to
this
section
in
a
future
year
is
contingent
upon
the
31
availability
of
tax
credits
in
that
particular
year.
32
4.
a.
The
cumulative
value
of
tax
credits
claimed
annually
33
by
applicants
pursuant
to
this
section
shall
not
exceed
one
34
million
dollars.
35
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H1309.2463
(2)
88
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1/
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#1.
b.
If
an
amount
of
tax
credits
available
for
a
tax
year
1
pursuant
to
paragraph
“a”
goes
unclaimed,
the
amount
of
the
2
unclaimed
tax
credits
shall
be
made
available
for
the
following
3
tax
year
in
addition
to,
and
cumulated
with,
the
amount
4
available
pursuant
to
paragraph
“a”
for
the
following
tax
year.
5
5.
The
director
of
revenue
shall
adopt
rules
to
implement
6
this
section.
7
Sec.
___.
EFFECTIVE
DATE.
This
division
of
this
Act,
being
8
deemed
of
immediate
importance,
takes
effect
upon
enactment.
9
Sec.
___.
RETROACTIVE
APPLICABILITY.
This
division
of
this
10
Act
applies
retroactively
to
January
1,
2019,
for
tax
years
11
beginning
on
or
after
that
date.
>
12
2.
By
renumbering
as
necessary.
13
______________________________
BLOOMINGDALE
of
Worth
-2-
H1309.2463
(2)
88
jm/jh
2/
2
#2.