Bill Text: IA SF431 | 2013-2014 | 85th General Assembly | Amended
Bill Title: A bill for an act modifying provisions relating to solar energy system income tax credits and including effective date and applicability provisions. (Formerly SSB 1175.)
Spectrum: Committee Bill
Status: (Engrossed - Dead) 2013-12-31 - END OF 2013 ACTIONS [SF431 Detail]
Download: Iowa-2013-SF431-Amended.html
Senate
File
431
-
Reprinted
SENATE
FILE
431
BY
COMMITTEE
ON
WAYS
AND
MEANS
(SUCCESSOR
TO
SSB
1175)
(As
Amended
and
Passed
by
the
Senate
April
9,
2013
)
A
BILL
FOR
An
Act
modifying
provisions
relating
to
solar
energy
system
1
income
tax
credits
and
including
effective
date
and
2
applicability
provisions.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
SF
431
(2)
85
rn/sc/jh
S.F.
431
Section
1.
Section
422.11L,
subsection
3,
Code
2013,
is
1
amended
by
adding
the
following
new
paragraphs:
2
NEW
PARAGRAPH
.
c.
A
taxpayer
may
claim
more
than
one
3
credit
under
this
section,
but
may
claim
only
one
credit
per
4
separate
and
distinct
solar
installation.
The
department
shall
5
establish
criteria,
by
rule,
for
determining
what
constitutes
a
6
separate
and
distinct
installation.
7
NEW
PARAGRAPH
.
d.
A
taxpayer
must
submit
an
application
8
to
the
department
for
each
separate
and
distinct
solar
9
installation.
The
application
must
be
approved
by
the
10
department
in
order
to
claim
the
tax
credit.
The
application
11
must
be
filed
by
May
1
following
the
year
of
the
installation
12
of
the
solar
energy
system.
13
Sec.
2.
Section
422.11L,
subsection
4,
Code
2013,
is
amended
14
to
read
as
follows:
15
4.
a.
The
cumulative
value
of
tax
credits
claimed
annually
16
by
applicants
pursuant
to
this
section
shall
not
exceed
one
17
million
five
hundred
thousand
dollars.
18
b.
If
an
amount
of
tax
credits
available
for
a
tax
year
19
pursuant
to
paragraph
“a”
goes
unclaimed,
the
amount
of
the
20
unclaimed
tax
credits
shall
be
made
available
for
the
following
21
tax
year
in
addition
to,
and
cumulated
with,
the
amount
22
available
pursuant
to
paragraph
“a”
for
the
following
tax
year.
23
Sec.
3.
EFFECTIVE
UPON
ENACTMENT.
This
Act,
being
deemed
of
24
immediate
importance,
takes
effect
upon
enactment.
25
Sec.
4.
RETROACTIVE
APPLICABILITY.
This
Act
applies
26
retroactively
to
January
1,
2013,
for
tax
years
beginning
on
27
or
after
that
date.
28
-1-
SF
431
(2)
85
rn/sc/jh
1/
1
