Loading chat...
IA HF370
Bill
Status
2/13/2025
Primary Sponsor
Eric Gjerde
Click for details
AI Summary
-
Creates a new solar installation tax credit equal to 50% of the federal residential clean energy credit (capped at $5,000) plus 50% of the federal energy credit for solar systems (capped at $20,000) for installations occurring on or after January 1, 2025
-
The credit is nonrefundable but may be carried forward for up to 10 years until depleted, and applies against individual income tax, corporate income tax, moneys and credits tax, and franchise tax
-
Caps the total annual tax credits claimed by all taxpayers at $5 million, with at least $1 million reserved for residential solar installations; unclaimed residential amounts may be used for nonresidential claims
-
Taxpayers must apply to the Department of Revenue by May 1 following the year of installation, with applications approved on a first-come, first-served basis and a wait list established when the cap is reached
-
Taxpayers cannot claim both this credit and the renewable energy tax credit under Chapter 476C or the existing solar energy tax credit under section 422.11L for the same installation
Legislative Description
A bill for an act establishing a solar installation tax credit available against the individual and corporate income taxes, the moneys and credits tax, and the franchise tax, and including effective date and retroactive applicability provisions.
Last Action
Introduced, referred to Commerce. H.J. 316.
2/13/2025