Bill Text: IA SF210 | 2015-2016 | 86th General Assembly | Introduced

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Bill Title: A bill for an act extending placement in service requirements applicable to the renewable energy tax credit.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2015-02-12 - Subcommittee, Hogg, Bolkcom, and Feenstra. S.J. 293. [SF210 Detail]

Download: Iowa-2015-SF210-Introduced.html

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Senate File 210 - Introduced




                                 SENATE FILE       
                                 BY  ANDERSON

                                      A BILL FOR

  1 An Act extending placement in service requirements applicable
  2    to the renewable energy tax credit.
  3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
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PAG LIN



  1  1    Section 1.  Section 476C.1, subsection 6, paragraph d, Code
  1  2 2015, is amended to read as follows:
  1  3    d.  Was initially placed into service on or after July 1,
  1  4 2005, and before January 1, 2017 2020.
  1  5    Sec. 2.  Section 476C.5, Code 2015, is amended to read as
  1  6 follows:
  1  7    476C.5  Certificate issuance period.
  1  8    A producer or purchaser of renewable energy may receive
  1  9 renewable energy tax credit certificates for a ten=year period
  1 10 for each eligible renewable energy facility under this chapter.
  1 11 The ten=year period for issuance of the tax credit certificates
  1 12 begins with the date the purchaser of renewable energy first
  1 13 purchases electricity, hydrogen fuel, methane gas or other
  1 14 biogas used to generate electricity, or heat for commercial
  1 15 purposes from the eligible renewable energy facility for
  1 16 which a tax credit is issued under this chapter, or the date
  1 17 the producer of the renewable energy first uses the energy
  1 18 produced by the eligible renewable energy facility for on=site
  1 19 consumption. Renewable energy tax credit certificates shall
  1 20 not be issued for renewable energy purchased or produced for
  1 21 on=site consumption after December 31, 2026 2029.
  1 22                           EXPLANATION
  1 23 The inclusion of this explanation does not constitute agreement with
  1 24 the explanation's substance by the members of the general assembly.
  1 25    This bill extends the time period during which an eligible
  1 26 renewable energy facility seeking to qualify for the renewable
  1 27 energy tax credit pursuant to Code chapter 476C shall have
  1 28 been placed in service by three years to January 1, 2020, and
  1 29 correspondingly extends the existing 10=year duration for
  1 30 credit issuance to December 31, 2029.
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