Text: H08574                            Text: H08576
Text: H08500 - H08599                   Text: H Index
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House Amendment 8575

Amendment Text

PAG LIN
  1  1    Amend House File 2540 as follows:
  1  2    #1.  Page 3, by inserting after line 20 the
  1  3 following:
  1  4    "Sec. 100.  Section 15E.193B, subsection 2, Code
  1  5 1999, is amended to read as follows:
  1  6    2.  An eligible housing business under this section
  1  7 includes a housing developer, or housing contractor,
  1  8 or nonprofit organization that builds or rehabilitates
  1  9 a minimum of four single-family homes with a value,
  1 10 after completion of the building or rehabilitation,
  1 11 not exceeding one hundred twenty thousand dollars for
  1 12 each home located in that part of a city or county in
  1 13 which there is a designated enterprise zone or one
  1 14 multiple dwelling unit building containing three or
  1 15 more individual dwelling units with a total value per
  1 16 unit, after completion of the building or
  1 17 rehabilitation, not exceeding one hundred twenty
  1 18 thousand dollars located in that part of a city or
  1 19 county in which there is a designated enterprise zone.
  1 20    Sec. 101.  Section 15E.193B, subsection 5, Code
  1 21 1999, is amended by adding the following new
  1 22 paragraph:
  1 23    NEW PARAGRAPH.  e.  Information showing the amount
  1 24 of tax credits and forgivable government loans which
  1 25 will be received as a result of its new investment in
  1 26 housing for which the business is seeking approval for
  1 27 the tax credit provided in subsection 6, paragraph
  1 28 "a".
  1 29    Sec. 102.  Section 15E.193B, subsection 6,
  1 30 paragraph a, Code 1999, is amended to read as follows:
  1 31    a.  An eligible housing business may claim an
  1 32 income a tax credit up to a maximum of ten percent of
  1 33 the new investment which is directly related to the
  1 34 building or rehabilitating of a minimum of four
  1 35 single-family homes located in that part of a city or
  1 36 county in which there is a designated enterprise zone
  1 37 or one multiple dwelling unit building containing
  1 38 three or more individual dwelling units located in
  1 39 that part of a city or county in which there is a
  1 40 designated enterprise zone.  The tax credit may be
  1 41 used to reduce the tax liability imposed under chapter
  1 42 422, division II, III, or V.  Any credit in excess of
  1 43 the tax liability for the tax year may be credited to
  1 44 the tax liability for the following seven years or
  1 45 until depleted, whichever occurs earlier.  If the
  1 46 business is a partnership, subchapter S corporation,
  1 47 limited liability company, or estate or trust electing
  1 48 to have the income taxed directly to the individual,
  1 49 an individual may claim the tax credit allowed.  The
  1 50 amount claimed by the individual shall be based upon
  2  1 the pro rata share of the individual's earnings of the
  2  2 partnership, subchapter S corporation, limited
  2  3 liability company, or estate or trust."
  2  4    #2.  Page 6, by inserting after line 17 the
  2  5 following:
  2  6    "Sec. 103.  Section 15E.195, subsection 5, Code
  2  7 1999, is amended by adding the following new
  2  8 unnumbered paragraph:
  2  9    NEW UNNUMBERED PARAGRAPH.  However, if the
  2 10 commission or department finds that an eligible
  2 11 housing business will receive, as a result of its new
  2 12 investment in housing, other tax credits and
  2 13 forgivable government loans, the maximum amount of tax
  2 14 credit that may be approved under section 15E.193B,
  2 15 subsection 6, shall be the lesser of ten percent or
  2 16 the amount which when added to the other tax credits
  2 17 and forgivable government loans will result in the
  2 18 housing business receiving eighty percent of the cost
  2 19 of the new investment for which approval is sought in
  2 20 governmental incentives and assistance."
  2 21    #3.  Page 6, by inserting after line 35 the
  2 22 following:
  2 23    "Sec.    .  EFFECTIVE AND APPLICABILITY DATES.
  2 24 Sections 100, 101, 102, and 103 of this Act, being
  2 25 deemed of immediate importance, take effect upon
  2 26 enactment and apply retroactively to January 1, 2000,
  2 27 for tax years beginning on or after that date."
  2 28    #4.  Title page, line 2, by inserting after the
  2 29 word "credits" the following:  "and including an
  2 30 effective and retroactive applicability date
  2 31 provision".  
  2 32 
  2 33 
  2 34                               
  2 35 JACOBS of Polk
  2 36 
  2 37 
  2 38                               
  2 39 JENKINS of Black Hawk
  2 40 HF 2540.301 78
  2 41 mg/cf
     

Text: H08574                            Text: H08576
Text: H08500 - H08599                   Text: H Index
Bills and Amendments: General Index     Bill History: General Index

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