Bill Text: IA SF97 | 2017-2018 | 87th General Assembly | Introduced

Iowa Senate Bill 97 (Prior Session Legislation)

Introduced

Bill Title: A bill for an act increasing the amount of solar energy system tax credits that may be claimed annually and including effective date and retroactive applicability provisions.

Spectrum: Partisan Bill (Democrat 14-0)

Status: (Introduced - Dead) 2017-01-18 - Subcommittee: Feenstra, Bolkcom, and Dawson. S.J. 99. [SF97 Detail]

Download: Iowa-2017-SF97-Introduced.html

Senate File 97 - Introduced




                                 SENATE FILE       
                                 BY  BOLKCOM, PETERSEN,
                                     TAYLOR, BISIGNANO,
                                     DOTZLER, DVORSKY,
                                     KINNEY, ALLEN, JOCHUM,
                                     LYKAM, BOULTON,
                                     MATHIS, RAGAN, and
                                     McCOY

                                      A BILL FOR

  1 An Act increasing the amount of solar energy system tax credits
  2    that may be claimed annually and including effective date
  3    and retroactive applicability provisions.
  4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
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PAG LIN



  1  1    Section 1.  Section 422.11L, subsection 4, paragraph a, Code
  1  2 2017, is amended to read as follows:
  1  3    a.  The cumulative value of tax credits claimed annually by
  1  4 applicants pursuant to this section shall not exceed five ten
  1  5  million dollars. Of this amount, at least one million dollars
  1  6 shall be reserved for claims associated with or resulting from
  1  7 residential solar energy system installations. In the event
  1  8 that the total amount of claims submitted for residential solar
  1  9 energy system installations in a tax year is an amount less
  1 10 than one million dollars, the remaining unclaimed reserved
  1 11 amount shall be made available for claims associated with or
  1 12 resulting from nonresidential solar energy system installations
  1 13 received for the tax year.
  1 14    Sec. 2.  EFFECTIVE UPON ENACTMENT.  This Act, being deemed of
  1 15 immediate importance, takes effect upon enactment.
  1 16    Sec. 3.  RETROACTIVE APPLICABILITY.  This Act applies
  1 17 retroactively to January 1, 2016, for tax years beginning on
  1 18 or after that date.
  1 19                           EXPLANATION
  1 20 The inclusion of this explanation does not constitute agreement with
  1 21 the explanation's substance by the members of the general assembly.
  1 22    This bill increases to $10 million from $5 million the
  1 23 amount of solar energy system tax credits that may be claimed
  1 24 annually. The solar energy system tax credits are available
  1 25 for qualifying residential and business solar installations and
  1 26 are calculated as a percentage of the related federal solar
  1 27 energy tax credits.
  1 28    The bill takes effect upon enactment and applies
  1 29 retroactively to January 1, 2016, for tax years beginning on
  1 30 or after that date.
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