Iowa Takes Big Step Toward Increased Geothermal Tax Credits
GEO President Pleased with Extension of Federal Tax Credit
The Iowa Legislature recently passed HF 2468, which provides for a 10-percent standalone tax credit for residential installations of geothermal heat pumps (GHPs) in lieu of federal tax incentives.
Both the House and the Senate voted unanimously in favor of the measure. Gov. Terry Branstad signed the bill into law. It will take effect on Jan. 1, 2017. The measure is not capped and does not offer a tax credit for commercial installations.