Wind and solar energy tax credits received approval from the Iowa Senate, the Des Moines Register reports. The credits would be equal to 30% of the cost of construction or installation, subject to a maximum credit of $15,000 for commercial or agricultural construction.
Tax credits will be refundable or alternatively applied against tax liability for the following tax year, according to the bill.
The legislation takes effect upon enactment and will apply retroactively to Jan. 1 after it goes into law.
SOURCE: Des Moines Register
