§ 476B.8 — Use of tax credit certificates

Iowa § 476B.8

• Jurisdiction: Iowa
• Title XI: NATURAL RESOURCES
• Ch. 476B: WIND ENERGY PRODUCTION TAX CREDIT

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To claim a wind energy production tax credit under this chapter, a taxpayer must include
one or more tax credit certificates with the taxpayer’s tax return, or if used against taxes
imposed under chapter 423, the taxpayer shall comply with section 423.4, subsection 4, or
if used against taxes imposed under chapter 437A, the taxpayer shall comply with section
437A.17B. Ataxcreditcertificateshallnotbeusedorincludedwithareturnfiledforataxable
year beginning prior to July 1, 2006. The tax credit certificate or certificates included with the
taxpayer’s tax return shall be issued in the taxpayer’s name, expire on or after the last day
of the taxable year for which the taxpayer is claiming the tax credit, and show a tax credit
amount equal to or greater than the tax credit claimed on the taxpayer’s tax return. Any
tax credit in excess of the taxpayer’s tax liability for the taxable year may be credited to the
taxpayer’staxliabilityforthefollowingseventaxableyearsoruntildepleted,whicheveristhe
earlier. If the tax credit is applied against the taxes imposed under chapter 423 or 437A, any
credit in excess of the taxpayer’s tax liability is carried over and can be filed with the refund
claim for the following seven tax years or until depleted, whichever is earlier. However, the
certificate shall not be used to reduce tax liability for a tax period ending after the expiration
date of the certificate.