Tax Credits, Deductions & Exemptions Guidance

Tax Credits, Deductions & Exemptions Guidance

Geothermal Heat Pump Tax Credit

Taxpayers who have a geothermal heat pump installed on their residence January 1, 2019 – January 1, 2024 can apply for the Geothermal Heat Pump Tax Credit.

Business Income Tax Guidance
Tax Credits, Deductions & Exemptions Guidance

Pass-Through Entity Tax (PTET)

Pass-Through Entity Tax (PTET) is a voluntary election for a partnership or S corporation to be subject to Iowa income tax at the entity level

Tax Credits, Deductions & Exemptions Guidance

ISave 529 Deduction

Federal conformity provision beginning tax year 2018, allowing the same deductions for certain withdrawals from a 529 Plans.

Tax Credits, Deductions & Exemptions Guidance
Individual Income Tax

Public Safety Officer Moving Expense Tax Credit

HF 2661 creates a new Public Safety Officer Moving Expense Tax Credit for certain individuals who establish residency in Iowa after July 1, 2024.

Tax Credits, Deductions & Exemptions Guidance
Business Income Tax Guidance

Research Activities Credit (RAC)

Research Activities Credit guidance for individual and corporate income tax including clarification on how the credit is calculated and limitations on claiming.

Tax Credits, Deductions & Exemptions Guidance
Individual Income Tax

First-Time Homebuyers Savings Account

The first-time homebuyers savings account (FTHSA) is a special type of savings account that helps Iowans save for a first home.

Tax Credits, Deductions & Exemptions Guidance
Individual Income Tax

Earned Income Tax Credit (EITC)

Federal conformity provision for tax year 2018, allowing the same Earned Income Tax Credit (EITC) calculation at the state level that's allowed at the federal.

Tax Credits, Deductions & Exemptions Guidance

Domestic Production Activities Deduction

Repeal of the federal Domestic Production Activities Deduction (DPAD) for tax years beginning on or after January 1, 2018.

Tax Credits, Deductions & Exemptions Guidance

IRA Charitable Distribution Deductions

A federal conformity provision beginning with tax year 2018, which allows the same deduction for a charitable distribution from an individual retirement account

Tax Credits, Deductions & Exemptions Guidance

Business Interest Expense Deduction

Iowa’s conformity with the federal limitations onΒ  business interest expense deductions varies depending on the year.

Tax Credits, Deductions & Exemptions Guidance

Farm to Food Donation Tax Credit

The Farm to Food Donation Tax Credit program provides a tax credit for farmers who donate self-produced food commodities to food banks and food pantries.

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