476B.1 Definitions. For purposes of this chapter, unless the context otherwise requires: 1. “Board” means the utilities board within the utilities division of the department of commerce. 2. “Department” means the department of revenue. 3. “Qualified electricity” means electricity produced from wind at a qualified facility. 4. “Qualified facility” means an electrical production facility that […]
476B.10 Rules. The department and the board may adopt rules pursuant to chapter 17A for the administration and enforcement of this chapter. 2005 Acts, ch 179, §171
476B.2 General rule. The owner of a qualified facility shall, for each kilowatt-hour of qualified electricity that the owner sells or uses for on-site consumption during the ten-year period beginning on the date the qualified facility was originally placed in service, be allowed a wind energy production tax credit to the extent provided in this […]
476B.3 Credit amount. The wind energy production tax credit allowed under this chapter equals the product of one cent multiplied by the number of kilowatt-hours of qualified electricity sold or used for on-site consumption by the owner during the taxable year. 2004 Acts, ch 1175, §411, 418; 2005 Acts, ch 179, §164; 2008 Acts, ch […]
476B.4 Limitation. The wind energy production tax credit shall not be allowed for any kilowatt-hour of electricity that is sold to a related person. For purposes of this section, persons shall be treated as related to each other if such persons would be treated as a single employer under the regulations prescribed under section 52(b) […]
476B.5 Determination of eligibility. 1. An owner may apply to the board for a written determination regarding whether a facility is a qualified facility by submitting to the board a written application containing all of the following: a. Information regarding the ownership of the facility including the percentage of equity interest held by each owner. […]
476B.6 Tax credit certificate procedure. 1. a. If a city or a county in which a qualified facility is located has enacted an ordinance under section 427B.26 and an owner has filed for and received special valuation pursuant to that ordinance, the owner is not required to obtain approval from the city council or county […]
476B.6A Alternative tax credit qualification — pilot project. Notwithstanding any other provision of this chapter to the contrary, the board shall establish a pilot project which will allow for a wind energy production tax credit of one and one-half cents multiplied by the number of kilowatt-hours of qualified electricity sold or used for on-site consumption […]
476B.7 Transfer of tax credit certificates. 1. Wind energy production tax credit certificates issued under this chapter may be transferred to any person or entity. Within thirty days of transfer, the transferee must submit the transferred tax credit certificate to the department along with a statement containing the transferee’s name, tax identification number, and address, […]
476B.8 Use of tax credit certificates. 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 […]
476B.9 Registration of tax credit certificates. The department shall develop a system for the registration of the wind energy production tax credit certificates issued or transferred under this chapter and a system that permits verification that any tax credit claimed on a tax return is valid and that transfers of the tax credit certificates are […]
