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Iowa

Iowa

Incentives/Policies for Renewables & Efficiency

Printable Version
Solar Energy Systems Tax Credit (Corporate)   

Last DSIRE Review: 10/11/2012
Program Overview:
State: Iowa
Incentive Type: Corporate Tax Credit
Eligible Renewable/Other Technologies: Solar Water Heat, Solar Thermal Electric, Solar Thermal Process Heat, Photovoltaics
Applicable Sectors: Commercial, Residential, Utility, Agricultural
Amount:15% of the system cost
Maximum Incentive:Residential: $3,000
Commercial: $15,000
Carryover Provisions:Excess credit may be taken for up to 10 years
Program Budget:$1,500,000 cumulative limit per year (corporate and personal)
Start Date:01/01/2012
Expiration Date:12/31/2016
Web Site: http://www.iowa.gov/tax/business/solarcredits.html
Authority 1:
Date Enacted:
Date Effective:
S.F. 2342
05/25/2012
01/01/2012
Authority 2:
Date Enacted:
Date Effective:
701 IAC 42.48
10/03/2012
11/07/2012
Summary:

Iowa offers a 15% corporate tax credit for solar energy systems. The credit is based on the federal tax credits for solar; a taxpayer may claim 50% of the value of the Federal Business Tax Credit. The federal tax credit is 30%, making the Iowa credit 15%. Each taxpayer may claim up to $3,000 for residential systems and $15,000 for commercial systems under this program, and any excess credits may be carried over for up to 10 years. The cumulative value of the tax credits claimed by applicants under this program and the personal tax credit is limited to $1,500,000 per year. Because of this limit, a taxpayer must complete an application to reserve the tax credit. Credits will be reserved on a first-come, first-serve basis.

Taxpayers taking a credit under this provision cannot claim a credit under the Iowa Production Tax Credit.


 
Contact:
  Public Information - Revenue
Iowa Department of Revenue
Hoover State Office Building
1305 E. Walnut
Des Moines, IA 50319
Phone: (800) 367-3388
Phone 2: (515) 281-3114
Fax: (515) 242-6487
Web Site: http://www.iowa.gov/tax/index.html
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Disclaimer: The information presented on the DSIRE web site provides an unofficial overview of financial incentives and other policies. It does not constitute professional tax advice or other professional financial guidance, and it should not be used as the only source of information when making purchasing decisions, investment decisions or tax decisions, or when executing other binding agreements. Please refer to the individual contact provided below each summary to verify that a specific financial incentive or other policy applies to your project.

While the DSIRE staff strives to provide the best information possible, the DSIRE staff, the N.C. Solar Center, N.C. State University and the Interstate Renewable Energy Council, Inc. make no representations or warranties, either express or implied, concerning the accuracy, completeness, reliability or suitability of the information. The DSIRE staff, the N.C. Solar Center, N.C. State University and the Interstate Renewable Energy Council, Inc. disclaim all liability of any kind arising out of your use or misuse of the information contained or referenced on DSIRE Web pages.

Copyright 2013 - 2014 North Carolina State University, under NREL Subcontract No. XEU-0-99515-01. Permission granted only for personal or educational use, or for use by or on behalf of the U.S. government. North Carolina State University prohibits the unauthorized display, reproduction, sale, and/or distribution of all or portions of the content of the Database of State Incentives for Renewables and Efficiency (DSIRE) without prior, written consent.