Iowa Administrative Code › Agency 701 - Revenue Department › Title II - Property Tax › Chapter 101 - Replacement Tax and Statewide Property Tax › Rule 701-101.12 - Collections/reimbursements

Current through Register Vol. 47, No. 3, July 24, 2024
Neither the director nor the department is empowered to
				  receive any payment of replacement tax. Therefore, taxpayers should never pay
				  any replacement tax to the director or the state of Iowa. All payments of
				  replacement tax are to be made to the appropriate county treasurer.
(1) A person in possession of a renewable
				energy tax credit certificate issued pursuant to Iowa Code chapter 476C or a
				wind energy tax credit issued pursuant to Iowa Code chapter 476B may apply to
				the director for a reimbursement of the amount of taxes imposed and paid by the
				person pursuant to Iowa Code chapter 437A in an amount not more than the person
				received in renewable energy tax credit certificates or wind energy tax credit
				certificates. To obtain the reimbursement, the person shall include with the
				return required under Iowa Code section
				437A.8 the renewable energy tax
				credit certificates or the wind energy tax credit certificates and provide any
				other information the director may require. The director shall direct that a
				warrant be issued to the person for an amount equal to the tax imposed and paid
				by the person. Any credit in excess of the person's tax liability may be
				claimed as a refund for the following seven years. Pursuant to Iowa Code
				section 437A.14, a taxpayer may file a
				claim for refund with the director within three years after the replacement tax
				became due. If the renewable energy or wind energy tax credit claim exceeds the
				replacement tax due in a year, the taxpayer has seven years to carry over the
				excess credit. Pursuant to Iowa Code section
				476C.4(6), a
				person may not receive both a renewable energy tax credit and a wind energy tax
				credit. For the wind energy tax credit, the reimbursement applies to a
				qualified facility placed in service on or after July 1, 2005, but before July
				1, 2012. For the renewable energy tax credit, the reimbursement applies to a
				qualified facility placed in service on or after July 1, 2005, but before
				January 1, 2017. The utilities board shall notify the department of revenue of
				the amount of kilowatt hours of electricity purchased from a renewable energy
				facility or the amount of kilowatt hours generated and purchased from a
				qualified wind energy facility or generated and used on site by the qualified
				wind energy facility. The department of revenue shall calculate the amount of
				the tax credit and issue the tax credit certificate. Wind energy and renewable
				energy tax credit certificates may be transferred, and a replacement tax credit
				certificate may reflect a different type of tax than the type of tax noted on
				the original tax credit certificate.
(2) A person in possession of a soy-based
				transformer fluid tax credit certificate issued pursuant to Iowa Code chapter
				476D may apply to the director for a reimbursement of the amount of taxes
				imposed and paid by the person pursuant to Iowa Code chapter 437A in an amount
				not more than the person received in soy-based transformer fluid tax credit
				certificates. To obtain the reimbursement, the person shall attach to the
				return required under section
				437A.8 the soy-based transformer
				fluid tax credit certificates issued to the person and provide any other
				information the director may require. The director shall direct a warrant to be
				issued to the person for an amount equal to the tax imposed and paid by the
				person pursuant to Iowa Code chapter 437A but for not more than the amount of
				the soy-based transformer fluid tax credit certificates attached to the return.
				This subrule is rescinded December 31, 2009.
This rule is intended to implement Iowa Code sections
				  437A.17B and
				  437A.17C and chapters 476B and
				  476D and chapter 476C as amended by 2014 Iowa Acts, Senate File
				  2343.