The bipartisan bill SF 2340, which passed “without any opposition”, increases the annual limit for the existing Solar Energy System Tax Credit from $1.5 million to $4.5 million, retroactive to January 1, 2014. In addition, the bill provides that if the annual credit cap is not fully utilized in one year, the unused credits remain available in a future year, state fiscal analysts said.
This bill allows a taxpayer to claim an Iowa credit equal to 60 percent of the federal solar energy tax credit instead of the 50 percent currently allowed. It also increases the credit cap available for individual taxpayers from $3,000 to $5,000 and the credit cap available to business taxpayers from $15,000 to $20,000.
Solar can be a viable solution for reducing electric usage and lowering operating costs for facilities. If you have any questions regarding solar photovoltaic or other alternative energy sources, feel free to give us a call. Our alternative energy services can help you determine whether a project is feasible and provide you with unbiased advice for next steps.
Thanks to the Des Moines Register for announcing this news.