Iowa DOR Announces Individual Income Tax Credit for Geothermal Heat Pump

The Iowa Department of Revenue (DOR) June 1 announced an individual income tax credit for geothermal heat pumps. Taxpayers who have a geothermal heat pump installed on their residence on or after Jan.1 can apply for the credit with the DOR by May 1, 2020. The credit is allowed on residential properties located in the state. The credit will be equal to 20 percent of the tax credit allowed. The credits will be awarded on a first-come, first served basis. Tax credit availability and application approvals will depend upon the availability of credits in that particular tax year. The application ...