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Geothermal Tax Credit

Last Review: 2012-10-11
Incentive Type: Personal Tax Credit
Eligible Efficiency Technologies: Geothermal Heat Pumps
Applicable Sectors: Residential
Incentive Amount: 20% of the Federal Tax Credit, equivalent to 6% of the system cost
Expiration Date: 12/31/2016


In May 2012, Iowa enacted a series of tax incentives for residential geothermal incentives. Geothermal heat pumps installed on residential property in Iowa are eligible for a tax credit equal to 20% of the Federal Tax Credit. Because the federal tax credit is set at 30%, the state tax credit is equal to 6% of the system cost . Any credit in excess of the tax payer's liability may be carried forward for up to 10 years. The credit may be applied retroactively to systems installed beginning January 1, 2012 and expires after December 31, 2016. The tax credit must be claimed using Form IA 148, and must be submitted with Federal Form 5695.

Public Information - Revenue
Iowa Department of Revenue
Hoover State Office Building
1305 E. Walnut
Des Moines, IA 50319
Phone:(800) 367-3388 Ext.
Phone 2:(515) 281-3114
Web site: http://www.iowa.gov/tax/index.html


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