House File 528 - Introduced



                                       HOUSE FILE       
                                       BY  RANTS


    Passed House,  Date               Passed Senate, Date             
    Vote:  Ayes        Nays           Vote:  Ayes        Nays         
                 Approved                            

                                      A BILL FOR

  1 An Act relating to the research activities tax credit for
  2    innovative renewable energy generation components.
  3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  4 TLSB 2232YH 83
  5 tw/mg:sc/5

PAG LIN



  1  1    Section 1.  Section 15.335, subsection 1, unnumbered
  1  2 paragraph 1, Code 2009, is amended to read as follows:
  1  3    An eligible business may claim a corporate tax credit for
  1  4 increasing research activities in this state during the period
  1  5 the eligible business is participating in the program.  For
  1  6 purposes of this section, "research activities" includes the
  1  7 development and deployment of innovative renewable energy
  1  8 generation components manufactured or assembled in this state.
  1  9 For purposes of this section, "innovative renewable energy
  1 10 generation components" does not include a component with more
  1 11 than two hundred megawatts of installed effective nameplate
  1 12 capacity.  The tax credits for innovative renewable energy
  1 13 generation components shall not exceed one million dollars in
  1 14 any one fiscal year.
  1 15                           EXPLANATION
  1 16    This bill relates to the amount of tax credits available
  1 17 for innovative renewable energy generation components as part
  1 18 of business's research activities tax credit.
  1 19    Currently, the total amount of these tax credits that can
  1 20 be claimed is limited to $1 million.  The bill changes this
  1 21 limit to $1 million in any one fiscal year.
  1 22 LSB 2232YH 83
  1 23 tw/mg:sc/5