House passes solar tax credit expansion
Monday, April 28, 2014 3:13 PM
The Iowa House of Representatives on Friday sent a bill to Gov. Terry Branstad's desk that would raise the annual cap on tax credits for solar energy to $4.5 million annually, an increase from the current $1 million cap. The House passed the measure on a vote of 88-4. If signed by Branstad, the bill would also increase the state's Solar Energy Tax Credit to 60 percent of the federal credit for individuals and businesses that install solar systems. The current law, enacted in 2012, provides for a 50 percent tax credit. The new tax credit provision applies retroactively to systems installed Jan. 1 or later and reserves at least $1 million in tax credits for residential systems. It would also allow for multiple credits to be claimed by a taxpayer. Click here to read a recent Business Record cover story on solar in Iowa.