House File 166 - Introduced HOUSE FILE BY MAY Passed House, Date Passed Senate, Date Vote: Ayes Nays Vote: Ayes Nays Approved A BILL FOR 1 An Act relating to wind energy production by extending the time 2 period during which a qualified facility may be placed in 3 service to qualify for the wind energy production tax credit. 4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 5 TLSB 2113YH 82 6 rn/es/88 PAG LIN 1 1 Section 1. Section 476B.1, subsection 4, paragraph c, Code 1 2 2007, is amended to read as follows: 1 3 c. Was originally placed in service on or after July 1, 1 4 2005, but before July 1,20092011. 1 5 EXPLANATION 1 6 This bill relates to income tax credits available for wind 1 7 energy production. In order to receive a tax credit against 1 8 personal taxes, corporate taxes, franchise taxes, or insurance 1 9 company gross premium taxes, Code section 476B.1 requires an 1 10 electrical production facility to be a "qualified facility". 1 11 A qualified facility is defined as a facility producing 1 12 electricity from wind, located in this state, and originally 1 13 placed in service on or after July 1, 2005, but before July 1, 1 14 2009. The bill extends by two years the time period during 1 15 which a facility may be placed in service in order to be 1 16 considered qualified, from before July 1, 2009, to before July 1 17 1, 2011. 1 18 LSB 2113YH 82 1 19 rn:nh/es/88