Iowa Incentives/Policies for Renewables & Efficiency |
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Last DSIRE Review: 10/11/2012
Program Overview:
| State: |
Iowa |
| Incentive Type: |
Personal Tax Credit |
| Eligible Renewable/Other Technologies: |
Geothermal Heat Pumps |
| Applicable Sectors: |
Residential |
| Amount: | 20% of the Federal Tax Credit, equivalent to 6% of the system cost |
| Carryover Provisions: | Excess credits may be carried over for up to 10 years |
| Start Date: | 01/01/2012 |
| Expiration Date: | 12/31/2016 |
Authority 1:
Date Enacted:
Date Effective:
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S.F. 2342
05/25/2012
01/01/2012
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Authority 2:
Date Enacted:
Date Effective:
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701 IAC 42.47
10/03/2012
11/07/2012
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Summary:
In May 2012, Iowa enacted a series of tax incentives for residential geothermal incentives. Geothermal heat pumps installed on residential property in Iowa are eligible for a tax credit equal to 20% of the Federal Tax Credit. Because the federal tax credit is set at 30%, the state tax credit is equal to 6% of the system cost . Any credit in excess of the tax payer's liability may be carried forward for up to 10 years. The credit may be applied retroactively to systems installed beginning January 1, 2012 and expires after December 31, 2016. The tax credit must be claimed using Form IA 148, and must be submitted with Federal Form 5695.
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Contact:
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Public Information - Revenue
Iowa Department of Revenue
Hoover State Office Building
1305 E. Walnut
Des Moines, IA 50319
Phone: (800) 367-3388
Phone 2: (515) 281-3114
Fax: (515) 242-6487
Web Site: http://www.iowa.gov/tax/index.html
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Disclaimer: The information presented on the DSIRE web site provides an unofficial overview of financial incentives and other policies. It does not constitute professional tax advice or other professional financial guidance, and it should not be used as the only source of information when making purchasing decisions, investment decisions or tax decisions, or when executing other binding agreements. Please refer to the individual contact provided below each summary to verify that a specific financial incentive or other policy applies to your project.
While the DSIRE staff strives to provide the best information possible, the DSIRE staff, the N.C. Solar Center, N.C. State University and the Interstate Renewable Energy Council, Inc. make no representations or warranties, either express or implied, concerning the accuracy, completeness, reliability or suitability of the information. The DSIRE staff, the N.C. Solar Center, N.C. State University and the Interstate Renewable Energy Council, Inc. disclaim all liability of any kind arising out of your use or misuse of the information contained or referenced on DSIRE Web pages.
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