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 TLSB 1404XS (4) 87 gh/sc
S.F. 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 -1- LSB 1404XS (4) 87 gh/sc 1/ 1