Have you heard the news? Just this week Governor Branstad signed Senate File 2340, an important tax incentive bill for solar energy. This new law triples the size of Iowa's solar tax incentive program and improves the financial incentives for homeowners and business owners who install a solar electric system.
With these changes from Senate File 2340:
- The Iowa credit improves from 50% of the federal tax credit to 60% of the federal credit
- The annual cap on available solar tax credits increases from $1.5M to $4.5M
- Residential tax credits are now capped at $5,000 (up from $3,000) and business tax credits are now capped at $20,000 (up from $15,000)
- Taxpayers can claim multiple credits in a single year for multiple solar installations.
- Unclaimed credits in a given year will roll over an be available in subsequent years.
The timing for Senate File 2340 couldn't be better! In 2013, applications for the credit far exceeded the funding that was available, and it's clear that popularity for the program will only continue to increase with the allowable claim increasing from 50% of the federal credit to 60% and caps increasing for both residential and commercial installations.
Don't hesitate -- the credits are offered on a first come, first serve basis -- contact us today to request a quote.