Iowa Solar Tax Credit 2018

Solar incentives rebates and tax credits available in iowa in 2020.

Iowa solar tax credit 2018. Enter the total of other credits from part ii of the ia 148 tax credits schedule. There is no limit on the amount of income earned by an individual to be eligible for the credit. 2020 and before january 1 2022. Solar energy system tax credit.

Applications are due may 1st 2020 for installations completed by december 31 2019 solar energy system tax credits the application for the tax credit is available online within the tax credit award claim transfer administration system cactas. Adoption tax credit an adoption tax credit is available for individual income tax equal to the first 5 000 of unreimbursed expenses related to an adoption per each child placed in iowa. The system is designed so that once you have submitted an application you can later sign into the system to track its status. Taxpayers who claim this tax credit are not eligible to claim a renewable energy tax credit under iowa code chapter 476c for the production of solar electricity.

An application for the iowa credit for businesses cannot be made until the installation of the solar system is complete and the system is placed in service. The most significant incentive to install solar panels for homes and businesses is the federal solar tax credit at the end of 2020 the amount of the credit will decrease from 26 to 22 of the cost of the solar installation. Qualifying installations must meet the criteria for the federal energy efficient property credit related to solar energy provided in sections 48 a 3 a i and 48 a 3 a ii of the. Iowa residential solar tax credit when it comes to clear cut state solar incentives it doesn t get a lot simpler than the ma renewable income offer.

Under this credit when you install a solar panel system at your home you get 15 of the system cost back on your iowa state income tax with a 5 000 maximum credit amount. It helps provide some cash back in the first year and payback timeframe and return on investment are a little better than average. Iowa is the only state in the midwest and one of just a dozen nationally that still offers a state solar tax credit. Therefore the iowa tax credit is available for tax years 2012 through 2021.

The iowa legislature created the 15 percent tax credit in 2012. Since then it s provided a total of 21 6 million in incentives for nearly 4 000 projects. Pair that with the 26 federal tax credit and you ve got a compelling investment case for home solar here. Solar energy system tax credit tax credit transfers 9 16 2020 9 09 pm.

Solar energy system tax credit.