Geothermal Tax Credit

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Summary

Last modified on February 12, 2015.

Financial Incentive Program

Place Iowa

Name Geothermal Tax Credit
Incentive Type Personal Tax Credit
Applicable Sector Residential
Eligible Technologies Geothermal Heat Pumps
Active Incentive Yes
Incentive Inactive Date 2017-01-01
Implementing Sector State/Territory
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





Start Date 2012-01-01
Expiration Date 2016-12-31

















Program Administrator Iowa Department of Revenue


Last DSIRE Review 2012-10-11
Last Substantive Modification
to Summary by DSIRE
2012-06-01


References Database of State Incentives for Renewables and Efficiency[1]


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.


Incentive Contact

Contact Name Public Information - Revenue
Department Iowa Department of Revenue

Address Hoover State Office Building
Address 2 1305 E. Walnut
Place Des Moines, Iowa
Zip/Postal Code 50319
Phone (800) 367-3388
Phone 2 (515) 281-3114
Fax (515) 242-6487

Website http://www.iowa.gov/tax/index.html
     
     

Authorities (Please contact the if there are any file problems.)

Authority 1: S.F. 2342
Date Effective 2012-01-01
Date Enacted 2012-05-25


Authority 2: 701 IAC 42.47
Date Effective 2012-11-07
Date Enacted 2012-10-03

















  • Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.[1]

References

  1. 1.0 1.1  "Database of State Incentives for Renewables and Efficiency"