Senate
Study
Bill
3201
-
Introduced
SENATE
FILE
_____
BY
(PROPOSED
COMMITTEE
ON
WAYS
AND
MEANS
BILL
BY
CHAIRPERSON
BOLKCOM)
A
BILL
FOR
An
Act
modifying
provisions
applicable
to
the
solar
energy
1
system
tax
credit,
and
including
retroactive
applicability
2
provisions.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
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6111XC
(2)
85
rn/sc
S.F.
_____
Section
1.
Section
422.11L,
subsection
1,
paragraphs
a
and
1
b,
Code
2014,
are
amended
to
read
as
follows:
2
a.
Fifty
Seventy-five
percent
of
the
federal
residential
3
energy
efficient
property
credit
related
to
solar
energy
4
provided
in
section
25D
of
the
Internal
Revenue
Code,
not
to
5
exceed
three
five
thousand
dollars.
6
b.
Fifty
Seventy-five
percent
of
the
federal
energy
credit
7
related
to
solar
energy
systems
provided
in
section
48
of
the
8
Internal
Revenue
Code,
not
to
exceed
fifteen
twenty
thousand
9
dollars.
10
Sec.
2.
Section
422.11L,
subsection
4,
Code
2014,
is
amended
11
to
read
as
follows:
12
4.
The
cumulative
value
of
tax
credits
claimed
annually
by
13
applicants
pursuant
to
this
section
shall
not
exceed
one
four
14
million
five
hundred
thousand
dollars.
15
Sec.
3.
RETROACTIVE
APPLICABILITY.
This
Act
applies
16
retroactively
to
January
1,
2014,
for
tax
years
beginning
on
17
or
after
that
date.
18
EXPLANATION
19
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
20
the
explanation’s
substance
by
the
members
of
the
general
assembly.
21
This
bill
relates
to
the
solar
energy
system
individual
and
22
corporate
income
tax
credit.
23
Currently,
the
tax
credit
is
equal
to
the
sum
of
50
percent
24
of
the
federal
residential
energy
efficient
property
credit
25
related
to
solar
energy
provided
in
section
25D
of
the
Internal
26
Revenue
Code,
not
to
exceed
$3,000,
and
50
percent
of
the
27
federal
energy
credit
related
to
solar
energy
systems
provided
28
in
section
48
of
the
Internal
Revenue
Code,
not
to
exceed
29
$15,000.
The
bill
increases
these
amounts
to
75
percent
of
the
30
federal
residential
energy
efficient
property
credit
related
31
to
solar
energy,
not
to
exceed
$5,000,
and
75
percent
of
the
32
federal
energy
credit
related
to
solar
energy
systems,
not
to
33
exceed
$20,000.
34
Additionally,
currently
the
cumulative
value
of
solar
energy
35
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6111XC
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2
S.F.
_____
system
income
tax
credits
able
to
be
claimed
annually
cannot
1
exceed
$1.5
million.
The
bill
increases
this
cumulative
amount
2
to
$4.5
million
annually.
3
The
bill’s
provisions
apply
retroactively
to
January
1,
4
2014,
for
tax
years
beginning
on
or
after
that
date.
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2