HSB 181 (LSB 2643YC (3) 87)

HOUSE FILE _____ 

BY  (PROPOSED COMMITTEE ON WAYS AND MEANS BILL BY CHAIRPERSON VANDER LINDEN)

A BILL FOR

An Act providing for the inclusion of previously produced renewable energy in calculating the renewable energy tax credit amount for certain producers of renewable energy, and including effective date and retroactive applicability provisions.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  Section 476C.4, Code 2017, is amended by adding the following new subsection:
   NEW SUBSECTION.  2A.  Notwithstanding any provision to the contrary, a producer of renewable energy may include electricity, heat for a commercial purpose, methane gas or other biogas, or hydrogen fuel generated by the producer on or after January 1, 2013, while the producer was included on the waiting list of eligible renewable energy facilities pursuant to section 476C.3, subsection 6, and for which a tax credit certificate was not previously received, in calculating the amount of the tax credit for which the producer is eligible in the current tax year. 
    Sec. 2.  EFFECTIVE UPON ENACTMENT.  This Act, being deemed of immediate importance, takes effect upon enactment.
    Sec. 3.  RETROACTIVE APPLICABILITY.  This Act applies retroactively to January 1, 2014, for applications for a renewable energy tax credit received by the Iowa utilities board on or after that date.
    Sec. 4.  RETROACTIVE APPLICABILITY.  This Act applies retroactively to January 1, 2014, for tax years beginning on or after that date.
EXPLANATION
The inclusion of this explanation does not constitute agreement with
the explanation’s substance by the members of the general assembly.
   Code chapter 476C allows eligible producers of renewable energy to apply for and receive a renewable energy tax credit. Code section 476C.4(2) requires the department of revenue to calculate the amount of the tax credit for which a producer of renewable energy is eligible and issue a tax credit certificate to the applicant in that amount.
   This bill provides that notwithstanding any provision to the contrary, a producer of renewable energy may include renewable energy generated by the producer on or after January 1, 2013, while the producer was included on the waiting list of eligible renewable energy facilities pursuant to Code section 476C.3(6), and for which a tax credit certificate was not previously received, for purposes of calculating the tax credit amount that the producer is eligible for in the current tax year. 
   The bill takes effect upon enactment and is retroactively applicable to January 1, 2014, for applications for a renewable energy tax credit received by the Iowa utilities board on or after that date and for tax years beginning on or after that date.