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The Iowa Department of Revenue has submitted a new proposed rule to the Iowa Legislature, available for public comment through May 11, 2021. See individual notice below for details.
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Remittances Payable to the Department
This proposed rule making is intended to implement statutory changes to how fees, taxes, interest, and penalties are paid and deposited with the Department. In particular, this rule making addresses a change to Iowa Code section 422.69. That section formerly required payment of fees, taxes, interest, and penalties to the Department to be paid in the form of remittances payable to the Treasurer of State. The statute now requires that remittances be made payable to the Department. The Department is still required to transmit payments to the Treasurer of State. This rule making reflects that statutory change in the Department’s rules.
The Department previously submitted the following proposed rules to the Iowa Legislature. The following rules have been adopted and filed, effective May 26, 2021.
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Geothermal Heat Pump Tax Credit
This rule making implements the Iowa geothermal heat pump income tax credit enacted in 2019 Iowa Acts, House File 779, for geothermal heat pumps installed on residential property in Iowa on or after January 1, 2019. This new income tax credit replaces previous geothermal-related income tax credits that were repealed by the Iowa legislature effective in 2019.
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Solar Energy System Tax Credit
This rule making makes a number of changes to the Department's rules on the solar energy system tax credit in Iowa Code 422.11L. The rule making includes updates that reflect current law, improve clarity and readability, and provide additional guidance on the administration of certain tax credit issues, including but not limited to Iowa tax credit calculations in the case of solar installations that are subject to a federal tax credit recomputation or that are used for both residential and business purposes. It provides additional explanation of the effect of the Iowa tax credit expiration on the waitlist. More specifically, Iowa residential solar tax credit requests that do not receive a tax credit award by the time the 2021 aggregate award limitation is met shall expire. The rule making revises the criteria used to determine whether an installation is considered a "separate and distinct installation" and thus is eligible for an additional Iowa tax credit, by replacing the current criterion (separate utility meter) with a multifactor test as described in the rule filing.
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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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