Text: H08622 Text: H08624 Text: H08600 - H08699 Text: H Index Bills and Amendments: General Index Bill History: General Index
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,orhousing 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 government forgivable loans and 1 25 grants which will be received as a result of its new 1 26 investment in housing for which the business is 1 27 seeking approval for the tax credit provided in 1 28 subsection 6, paragraph "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 claiman1 32incomea 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,subchapterS 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,subchapterS 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 government forgivable loans and grants, the maximum 2 14 amount of tax credit that may be approved under 2 15 section 15E.193B, subsection 6, shall be the lesser of 2 16 ten percent or the amount which when added to the 2 17 other tax credits and government forgivable loans and 2 18 grants will result in the housing business receiving 2 19 eighty percent of the cost of the new investment for 2 20 which approval is sought in governmental incentives 2 21 and assistance." 2 22 #3. Page 6, by inserting after line 35 the 2 23 following: 2 24 "Sec. . EFFECTIVE AND APPLICABILITY DATES. 2 25 This Act, being deemed of immediate importance, takes 2 26 effect upon enactment. Sections 100, 101, 102, and 2 27 103 of this Act apply retroactively to January 1, 2 28 2000, for tax years beginning on or after that date." 2 29 #4. Title page, line 2, by inserting after the 2 30 word "credits" the following: "and including 2 31 effective and retroactive applicability date 2 32 provisions". 2 33 2 34 2 35 2 36 JACOBS of Polk 2 37 2 38 2 39 2 40 JENKINS of Black Hawk 2 41 HF 2540.303 78 2 42 mg/cf
Text: H08622 Text: H08624 Text: H08600 - H08699 Text: H Index Bills and Amendments: General Index Bill History: General Index
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