House Journal: Page 1150: Thursday, March 30, 2000
25 grants which will be received as a result of its new
26 investment in housing for which the business is
27 seeking approval for the tax credit provided in
28 subsection 6, paragraph "a".
29 Sec. 102. Section 15E.193B, subsection 6,
30 paragraph a, Code 1999, is amended to read as follows:
31 a. An eligible housing business may claim an
32 income a tax credit up to a maximum of ten percent of
33 the new investment which is directly related to the
34 building or rehabilitating of a minimum of four
35 single-family homes located in that part of a city or
36 county in which there is a designated enterprise zone
37 or one multiple dwelling unit building containing
38 three or more individual dwelling units located in
39 that part of a city or county in which there is a
40 designated enterprise zone. The tax credit may be
41 used to reduce the tax liability imposed under chapter
42 422, division II, III, or V. Any credit in excess of
43 the tax liability for the tax year may be credited to
44 the tax liability for the following seven years or
45 until depleted, whichever occurs earlier. If the
46 business is a partnership, subchapter S corporation,
47 limited liability company, or estate or trust electing
48 to have the income taxed directly to the individual,
49 an individual may claim the tax credit allowed. The
50 amount claimed by the individual shall be based upon
Page 2
1 the pro rata share of the individual's earnings of the
2 partnership, subchapter S corporation, limited
3 liability company, or estate or trust."
4 2. Page 6, by inserting after line 17 the
5 following:
6 "Sec. 103. Section 15E.195, subsection 5, Code
7 1999, is amended by adding the following new
8 unnumbered paragraph:
9 NEW UNNUMBERED PARAGRAPH. However, if the
10 commission or department finds that an eligible
11 housing business will receive, as a result of its new
12 investment in housing, other tax credits and
13 government forgivable loans and grants, the maximum
14 amount of tax credit that may be approved under
15 section 15E.193B, subsection 6, shall be the lesser of
16 ten percent or the amount which when added to the
17 other tax credits and government forgivable loans and
18 grants will result in the housing business receiving
19 eighty percent of the cost of the new investment for
20 which approval is sought in governmental incentives
21 and assistance."
22 3. Page 6, by inserting after line 35 the
23 following:
© 2000 Cornell College and
League of Women Voters of Iowa
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