Iowa Admin. Code r. 701-52.12
Current through Register Vol. 47, No. 10, November 13, 2024
Rule 701-52.12 - Deduction of credits(1)Sequencing of credit deductions. The credits against computed tax set forth in Iowa Code sections 422.33 and 422.110 shall be claimed in the following sequence.b. Alternative minimum tax credit (for tax years beginning during 2021 only).c. Qualifying business investment tax credit (also known as angel investor tax credit).d. Historic preservation tax credit (when the taxpayer has elected that the credit be nonrefundable under Iowa Code section 404A.2(4)).e. School tuition organization tax credit.f. Innovation fund investment tax credit.g. Endow Iowa tax credit.h. Redevelopment tax credit.i. From farm to food donation tax credit.j. Workforce housing tax credit.k. Hoover presidential library tax credit.l. Enterprise zone tax credit.m. High quality jobs investment tax credit.n. Wind energy production tax credit.o. Renewable energy tax credit.q. Beginning farmer tax credit.r. Agricultural assets transfer tax credit.s. Custom farming contract tax credit.t. Solar energy system tax credit.u. Charitable conservation contribution tax credit.v. Alternative minimum tax credit (for tax years beginning before January 1, 2021, only).w. Historic preservation tax credit (when the taxpayer has elected that the credit be refundable under Iowa Code section 404A.2(4)).x. High quality jobs third-party developer tax credit.y. Research activities credit.z. Assistive device tax credit.aa. Motor fuel tax credit.ab. E-85 gasoline promotion tax credit.ac. Biodiesel blended fuel tax credit.ad. E-15 plus gasoline promotion tax credit.ae. Renewable chemical production tax credit.af. Estimated tax and payment with vouchers.(2)Order of credits carried forward from a previous tax year. A credit carried forward from a previous tax year shall be applied against computed tax before a credit earned under the same credit program in the current tax year. However, a credit carried forward from a previous tax year cannot be applied against computed tax before a credit awarded under a different credit program in a later year that appears before it in the sequence in subrule 52.12(1). For example, a school tuition organization tax credit awarded in the current tax year must be applied against computed tax before a renewable energy tax credit carried forward from a previous tax year. This rule is intended to implement Iowa Code sections 422.33, 422.91 and 422.110.
Iowa Admin. Code r. 701-52.12
ARC 8589B, IAB 3/10/10, effective 4/14/10; ARC 9104B, IAB 9/22/10, effective 10/27/10; ARC 9876B, IAB 11/30/11, effective 1/4/12; ARC 0398C, IAB 10/17/12, effective 11/21/12; ARC 1303C, IAB 2/5/2014, effective 3/12/2014Amended by IAB November 26, 2014/Volume XXXVII, Number 11, effective 12/31/2014Amended by IAB November 3, 2021/Volume XLIV, Number 9, effective 12/8/2021