House File 476 - Introduced HOUSE FILE 476 BY KLEIN A BILL FOR An Act relating to solar energy system tax credits, and 1 including applicability provisions. 2 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 3 TLSB 2626YH (2) 88 jm/jh
H.F. 476 Section 1. Section 422.11L, subsection 4, paragraph a, Code 1 2019, 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. APPLICABILITY. This Act applies to tax years 14 beginning on or after January 1, 2020. 15 EXPLANATION 16 The inclusion of this explanation does not constitute agreement with 17 the explanation’s substance by the members of the general assembly. 18 This bill increases the maximum cumulative value of solar 19 energy system tax credits eligible to be claimed annually by 20 applicants from $5 million to $10 million. 21 The bill applies to tax years beginning on or after January 22 1, 2020. 23 -1- LSB 2626YH (2) 88 jm/jh 1/ 1