Geothermal Tax Credit
Last modified on February 12, 2015.
Financial Incentive Program
|Name||Geothermal Tax Credit|
|Incentive Type||Personal Tax Credit|
|Eligible Technologies||Geothermal Heat Pumps|
|Incentive Inactive Date||2017-01-01|
|Energy Category||Renewable Energy Incentive Programs|
|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|
|Program Administrator||Iowa Department of Revenue|
|References||Database of State Incentives for Renewables and Efficiency|
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.
|Contact Name||Public Information - Revenue|
|Department||Iowa Department of Revenue|
|Address||Hoover State Office Building|
|Address 2||1305 E. Walnut|
|Place||Des Moines, Iowa|
|Phone 2||(515) 281-3114|
Authorities (Please contact the if there are any file problems.)
|Authority 1:||S.F. 2342|
|Authority 2:||701 IAC 42.47|
- Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.