Senate
File
97
-
Introduced
SENATE
FILE
97
BY
BOLKCOM
,
PETERSEN
,
TAYLOR
,
BISIGNANO
,
DOTZLER
,
DVORSKY
,
KINNEY
,
ALLEN
,
JOCHUM
,
LYKAM
,
BOULTON
,
MATHIS
,
RAGAN
,
and
McCOY
A
BILL
FOR
An
Act
increasing
the
amount
of
solar
energy
system
tax
credits
1
that
may
be
claimed
annually
and
including
effective
date
2
and
retroactive
applicability
provisions.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
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97
Section
1.
Section
422.11L,
subsection
4,
paragraph
a,
Code
1
2017,
is
amended
to
read
as
follows:
2
a.
The
cumulative
value
of
tax
credits
claimed
annually
by
3
applicants
pursuant
to
this
section
shall
not
exceed
five
ten
4
million
dollars.
Of
this
amount,
at
least
one
million
dollars
5
shall
be
reserved
for
claims
associated
with
or
resulting
from
6
residential
solar
energy
system
installations.
In
the
event
7
that
the
total
amount
of
claims
submitted
for
residential
solar
8
energy
system
installations
in
a
tax
year
is
an
amount
less
9
than
one
million
dollars,
the
remaining
unclaimed
reserved
10
amount
shall
be
made
available
for
claims
associated
with
or
11
resulting
from
nonresidential
solar
energy
system
installations
12
received
for
the
tax
year.
13
Sec.
2.
EFFECTIVE
UPON
ENACTMENT.
This
Act,
being
deemed
of
14
immediate
importance,
takes
effect
upon
enactment.
15
Sec.
3.
RETROACTIVE
APPLICABILITY.
This
Act
applies
16
retroactively
to
January
1,
2016,
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
increases
to
$10
million
from
$5
million
the
22
amount
of
solar
energy
system
tax
credits
that
may
be
claimed
23
annually.
The
solar
energy
system
tax
credits
are
available
24
for
qualifying
residential
and
business
solar
installations
and
25
are
calculated
as
a
percentage
of
the
related
federal
solar
26
energy
tax
credits.
27
The
bill
takes
effect
upon
enactment
and
applies
28
retroactively
to
January
1,
2016,
for
tax
years
beginning
on
29
or
after
that
date.
30
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