The Iowa Department of Revenue April 21 adopted regulations concerning the geothermal heat pump individual income tax credit. The rules include measures: 1) rescinding the existing rule; 2) setting eligibility criteria for the credit; 3) clarifying that the credit is set to expire on Jan. 1, 2024; 4) requiring the application to be filed by May 1 of the year following the year of pump installation; and 5) setting application procedures. The regulations take effect May 26. [Iowa Dep’t of Revenue, Regs. Sections 701-42.47(422) et al., 04/21/21 Iowa Admin. Bull.]
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