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Bill > HF211
IA HF211
IA HF211A bill for an act creating a radon mitigation system tax credit available against the individual and corporate income taxes, and including retroactive applicability provisions.(See HF 1027.)
summary
Introduced
02/06/2025
02/06/2025
In Committee
02/06/2025
02/06/2025
Crossed Over
Passed
Dead
Introduced Session
91st General Assembly
Bill Summary
This bill creates a radon mitigation system tax credit (credit) available against the individual and corporate income taxes. The bill defines “radon mitigation system” to mean a system designed to reduce radon concentrations in the indoor air of a building that has been installed. The credit is equal to the amount of the cost to purchase and install the radon mitigation system, not to exceed $1,000. Any credit in excess of the taxpayer’s liability is not refundable but may be credited to the tax liability for the following tax year. The bill applies retroactively to January 1, 2025, for tax years beginning on or after that date.
AI Summary
This bill creates a tax credit for individuals and corporations who install radon mitigation systems in their buildings, designed to reduce indoor radon concentrations. The credit is equal to the cost of purchasing and installing the system, with a maximum limit of $1,000. Taxpayers can claim the credit against their individual or corporate income taxes, and if the credit exceeds their tax liability in a given year, the excess can be carried forward to offset taxes in the following year. The bill allows individuals in pass-through entities like partnerships, limited liability companies, S corporations, estates, and trusts to claim the credit based on their pro rata share of earnings. Importantly, the tax credit is not refundable, meaning taxpayers cannot receive a cash payment for the credit if it exceeds their tax liability. The bill is set to apply retroactively to tax years beginning on or after January 1, 2025, which provides taxpayers with the ability to claim the credit for past radon mitigation system installations within that timeframe.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Withdrawn. H.J. 1073. (on 04/28/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.legis.iowa.gov/legislation/BillBook?ga=91&ba=HF211 |
| BillText | https://www.legis.iowa.gov/docs/publications/LGI/91/attachments/HF211.html |
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