Iowa Updates Guidance, Application for Solar Energy System Tax Credit
The Iowa Department of Revenue clarified its tax guidance Monday to better define its wait list and expiration dates for the Iowa Solar Energy System Tax Credit. For residential installations completed after Dec. 31, 2021, the credit expires and is unavailable. Those on the wait list in 2021 who are not awarded credits before the deadline are not allowed to carry them forward for construction that begins on or after Jan. 1, 2022. The credits for business installations do not expire at the end of the calendar year, however, construction has to have begun before Jan. 1, 2022. The department began awarding 2021 credits in May.
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