Text: HF02550 Text: HF02552 Text: HF02500 - HF02599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 15E.193B, subsection 2, Code 1999, is 1 2 amended to read as follows: 1 3 2. An eligible housing business under this section 1 4 includes a housing developer,orhousing contractor, or 1 5 nonprofit organization that builds or rehabilitates a minimum 1 6 of four single-family homes with a value, after completion of 1 7 the building or rehabilitation, not exceeding one hundred 1 8 twenty thousand dollars for each home located in that part of 1 9 a city or county in which there is a designated enterprise 1 10 zone or one multiple dwelling unit building containing three 1 11 or more individual dwelling units with a total value per unit, 1 12 after completion of the building or rehabilitation, not 1 13 exceeding one hundred twenty thousand dollars located in that 1 14 part of a city or county in which there is a designated 1 15 enterprise zone. 1 16 Sec. 2. Section 15E.193B, subsection 5, Code 1999, is 1 17 amended by adding the following new paragraph: 1 18 NEW PARAGRAPH. e. Information showing the amount of tax 1 19 credits and forgivable government loans which will be received 1 20 as a result of its new investment in housing for which the 1 21 business is seeking approval for the tax credit provided in 1 22 subsection 6, paragraph "a". 1 23 Sec. 3. Section 15E.193B, subsection 6, paragraph a, Code 1 24 1999, is amended to read as follows: 1 25 a. An eligible housing business may claiman incomea tax 1 26 credit up to a maximum of ten percent of the new investment 1 27 which is directly related to the building or rehabilitating of 1 28 a minimum of four single-family homes located in that part of 1 29 a city or county in which there is a designated enterprise 1 30 zone or one multiple dwelling unit building containing three 1 31 or more individual dwelling units located in that part of a 1 32 city or county in which there is a designated enterprise zone. 1 33 The tax credit may be used to reduce the tax liability imposed 1 34 under chapter 422, division II, III, or V. Any credit in 1 35 excess of the tax liability for the tax year may be credited 2 1 to the tax liability for the following seven years or until 2 2 depleted, whichever occurs earlier. If the business is a 2 3 partnership,subchapterS corporation, limited liability 2 4 company, or estate or trust electing to have the income taxed 2 5 directly to the individual, an individual may claim the tax 2 6 credit allowed. The amount claimed by the individual shall be 2 7 based upon the pro rata share of the individual's earnings of 2 8 the partnership,subchapterS corporation, limited liability 2 9 company, or estate or trust. 2 10 Sec. 4. Section 15E.195, subsection 5, Code 1999, is 2 11 amended by adding the following new unnumbered paragraph: 2 12 NEW UNNUMBERED PARAGRAPH. However, if the commission or 2 13 department finds that an eligible housing business will 2 14 receive, as a result of its new investment in housing, other 2 15 tax credits and forgivable government loans, the maximum 2 16 amount of tax credit that may be approved under section 2 17 15E.193B, subsection 6, shall be the lesser of ten percent or 2 18 the amount which when added to the other tax credits and 2 19 forgivable government loans will result in the housing 2 20 business receiving eighty percent of the cost of the new 2 21 investment for which approval is sought in governmental 2 22 incentives and assistance. 2 23 Sec. 5. EFFECTIVE AND APPLICABILITY DATES. This Act, 2 24 being deemed of immediate importance, takes effect upon 2 25 enactment and applies retroactively to January 1, 2000, for 2 26 tax years beginning on or after that date. 2 27 EXPLANATION 2 28 This bill expands the tax credit presently allowed 2 29 individual and corporate income taxpayers who are eligible 2 30 housing businesses that build or rehabilitate housing in a 2 31 designated enterprise zone to include nonprofit organizations 2 32 and financial institutions that are subject to the franchise 2 33 tax. 2 34 The bill provides that a housing business that receives 2 35 other tax credits and forgivable government loans is limited 3 1 to the amount of tax credit it may receive under the 3 2 enterprise zone program to the lesser of 10 percent or the 3 3 amount which when added to the other tax credits and 3 4 forgivable government loans will result in the business 3 5 receiving 80 percent of the cost of its new investment in 3 6 housing. 3 7 The bill takes effect upon enactment and applies 3 8 retroactively to January 1, 2000, for tax years beginning on 3 9 or after that date. 3 10 LSB 5967HV 78 3 11 mg/as/5
Text: HF02550 Text: HF02552 Text: HF02500 - HF02599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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