This bill establishes a radon mitigation system tax credit applicable to both individual and corporate income taxes in Iowa. It defines a radon mitigation system as one designed to reduce radon concentrations in indoor air and allows taxpayers to claim a credit equal to the cost of purchasing and installing such a system, capped at $1,000. The bill specifies that individuals can claim the credit based on their pro rata share of earnings from partnerships, limited liability companies, S corporations, estates, or trusts. Any credit exceeding the taxpayer's liability is non-refundable but can be applied to future tax liabilities.

Additionally, the bill amends existing tax code to include this credit and states that it will be retroactively applicable to tax years beginning on or after January 1, 2025. This means that taxpayers can benefit from the credit for eligible expenses incurred from that date forward.

Statutes affected:
Introduced: 422.12