House File 211 - Introduced HOUSE FILE 211 BY WHEELER A BILL FOR An Act creating a radon mitigation system tax credit available 1 against the individual and corporate income taxes, and 2 including retroactive applicability provisions. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 2320YH (2) 91 jm/jh
H.F. 211 Section 1. NEW SECTION . 422.10C Radon mitigation system 1 tax credit. 2 1. As used in this section, radon mitigation system means 3 a system designed to reduce radon concentrations in the indoor 4 air of a building that has been installed. 5 2. The taxes imposed under this subchapter, less the credits 6 allowed under section 422.12, shall be reduced by a radon 7 mitigation system tax credit equal to the amount to purchase 8 and install a radon mitigation system, not to exceed one 9 thousand dollars. 10 3. An individual may claim the tax credit allowed a 11 partnership, limited liability company, S corporation, estate, 12 or trust electing to have the income taxed directly to the 13 individual. The amount claimed by the individual shall be 14 based upon the pro rata share of the individuals earnings of 15 the partnership, limited liability company, S corporation, 16 estate, or trust. 17 4. Any credit in excess of the taxpayers tax liability 18 for the tax year is not refundable but the excess for the tax 19 year may be credited to the tax liability for the following tax 20 year. 21 Sec. 2. Section 422.33, Code 2025, is amended by adding the 22 following new subsection: 23 NEW SUBSECTION . 11. a. The taxes imposed under this 24 subchapter shall be reduced by a radon mitigation system tax 25 credit equal to the amount to purchase and install a radon 26 mitigation system, not to exceed one thousand dollars. 27 b. The taxpayer may claim the credit pursuant to this 28 subsection according to the same requirements, conditions, and 29 limitations as provided pursuant to section 422.10C. 30 Sec. 3. RETROACTIVE APPLICABILITY. This Act applies 31 retroactively to January 1, 2025, for tax years beginning on 32 or after that date. 33 EXPLANATION 34 The inclusion of this explanation does not constitute agreement with 35 -1- LSB 2320YH (2) 91 jm/jh 1/ 2
H.F. 211 the explanations substance by the members of the general assembly. 1 This bill creates a radon mitigation system tax credit 2 (credit) available against the individual and corporate income 3 taxes. 4 The bill defines radon mitigation system to mean a system 5 designed to reduce radon concentrations in the indoor air of a 6 building that has been installed. 7 The credit is equal to the amount of the cost to purchase and 8 install the radon mitigation system, not to exceed $1,000. Any 9 credit in excess of the taxpayers liability is not refundable 10 but may be credited to the tax liability for the following tax 11 year. 12 The bill applies retroactively to January 1, 2025, for tax 13 years beginning on or after that date. 14 -2- LSB 2320YH (2) 91 jm/jh 2/ 2