Bill Text: IA SSB3080 | 2015-2016 | 86th General Assembly | Introduced
Bill Title: A study bill for an act increasing the amount of tax credits that may be claimed annually for the solar energy system tax credits and including effective date and applicability provisions.
Spectrum: Unknown
Status: (Introduced - Dead) 2016-02-10 - 2:30PM; RM 116 Ways and Means. [SSB3080 Detail]
Download: Iowa-2015-SSB3080-Introduced.html
Senate
Study
Bill
3080
-
Introduced
SENATE
FILE
_____
BY
(PROPOSED
COMMITTEE
ON
WAYS
AND
MEANS
BILL
BY
CHAIRPERSON
BOLKCOM)
A
BILL
FOR
An
Act
increasing
the
amount
of
tax
credits
that
may
be
1
claimed
annually
for
the
solar
energy
system
tax
credits
and
2
including
effective
date
and
applicability
provisions.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
TLSB
5385XC
(4)
86
mm/sc
S.F.
_____
Section
1.
Section
422.11L,
subsection
4,
paragraph
a,
Code
1
2016,
is
amended
to
read
as
follows:
2
a.
The
cumulative
value
of
tax
credits
claimed
annually
3
by
applicants
pursuant
to
this
section
shall
not
exceed
five
4
seven
million
five
hundred
thousand
dollars.
Of
this
amount,
5
at
least
one
million
five
hundred
thousand
dollars
shall
6
be
reserved
for
claims
associated
with
or
resulting
from
7
residential
solar
energy
system
installations.
In
the
event
8
that
the
total
amount
of
claims
submitted
for
residential
solar
9
energy
system
installations
in
a
tax
year
is
an
amount
less
10
than
one
million
five
hundred
thousand
dollars,
the
remaining
11
unclaimed
reserved
amount
shall
be
made
available
for
claims
12
associated
with
or
resulting
from
nonresidential
solar
energy
13
system
installations
received
for
the
tax
year.
14
Sec.
2.
EFFECTIVE
DATE.
This
Act
takes
effect
January
1,
15
2017.
16
Sec.
3.
APPLICABILITY.
This
Act
applies
to
tax
years
17
beginning
on
or
after
January
1,
2017.
18
EXPLANATION
19
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
20
the
explanation’s
substance
by
the
members
of
the
general
assembly.
21
This
bill
increases
to
$7.5
million
from
$5
million
the
22
amount
of
solar
energy
system
tax
credits
that
may
be
claimed
23
annually.
The
bill
also
increases
to
$1.5
million
from
$1
24
million
the
amount
of
annual
tax
credits
reserved
for
claims
25
associated
with
or
resulting
from
residential
solar
energy
26
system
installations.
27
The
solar
energy
system
tax
credits
are
available
for
28
qualifying
residential
and
business
solar
installations
and
are
29
calculated
as
percentage
of
the
related
federal
solar
energy
30
tax
credits.
31
The
bill
takes
effect
January
1,
2017,
and
applies
to
tax
32
years
beginning
on
or
after
that
date.
33
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