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Taxpayers can now apply for the Geothermal Heat Pump Tax Credit with the Department of Revenue for those who have a geothermal heat pump installed on their residence on or after January 1, 2019. Deadline to submit an application is May 1 following the year of installation.
Taxpayers must apply and receive approval for the Geothermal Heat Pump Tax Credit with the Department before claiming the tax credit for tax year 2019 and later. Claims made on the IA 1040 without an award will be denied.
Tax credits are only allowed on residential properties located in Iowa to the resident of the home where the geothermal heat pump was installed. The Geothermal Heat Pump Tax Credit is awarded on a first-come, first-served basis. Completing an application does not guarantee you will be awarded a Geothermal Heat Pump Tax Credit; application approvals are contingent upon availability of tax credits in that particular tax year.
The application for the Geothermal Heat Pump Tax Credit can only be completed within the Tax Credit Award, Claim & Transfer Administration System (CACTAS). Visit the Geothermal Heat Pump Tax Credit page on the Department’s website for full details.
The mission of the Iowa Department of Revenue is to serve Iowans and support state government by collecting all taxes required by law, but no more.
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