Iowa HF370 establishes a solar installation tax credit against various state taxes.

Iowa HF370 creates a solar installation tax credit available against individual and corporate income taxes, the moneys and credits tax, and the franchise tax. The credit is equal to 50% of the federal clean energy credit and 50% of the federal energy credit related to solar energy systems, up to $5,000 and $20,000 respectively. The credit is nonrefundable but can be carried forward for up to 10 years. The bill includes provisions for a waitlist if the credit limit is reached and requires annual reporting on the credits claimed.

Iowa HF370 establishes a solar installation tax credit against various state taxes.

Iowa HF370 creates a solar installation tax credit available against individual and corporate income taxes, the moneys and credits tax, and the franchise tax. The credit is equal to 50% of the federal clean energy credit and 50% of the federal energy credit related to solar energy systems, up to $5,000 and $20,000 respectively. The credit is nonrefundable but can be carried forward for up to 10 years. The bill includes provisions for a waitlist if the credit limit is reached and requires annual reporting on the credits claimed.