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House Journal: Page 1862: Wednesday, April 26, 2000

18 are paid or incurred and amounts that are otherwise
19 not added to the basis for tax purposes of the
20 eligible property are not qualified rehabilitation
21 costs. Amounts incurred for architectural and
22 engineering fees, site survey fees, legal expenses,
23 insurance premiums, development fees, and other
24 construction-related costs are qualified
25 rehabilitation costs to the extent they are added to
26 the basis for tax purposes of the eligible property.
27 Costs of sidewalks, parking lots, and landscaping do
28 not constitute qualified rehabilitation costs."
29 4. Page 6, line 14, by striking the word "sixty"
30 and inserting the following "one hundred twenty".
31 5. Page 6, line 16, by striking the word "sixty-
32 day" and inserting the following: "one hundred
33 twenty-day".
34 6. Page 7, line 2, by striking the word
35 "TRANSFER" and inserting the following: "REFUND".
36 7. Page 7, by striking line 11 and inserting the
37 following: "department of economic development, in
38 consultation with the state historical preservation
39 office, shall issue a property".
40 8. Page 7, line 15, by inserting after the word
41 "credit," the following: "and".
42 9. Page 7, by striking lines 16 through 30 and
43 inserting the following: "information required by the
44 department of revenue and finance.
45 3. A person receiving a property rehabilitation
46 tax credit under this chapter which is in excess of
47 the person's tax liability for the tax year is
48 entitled to a refund of the excess at a discounted
49 value. The discounted value of the tax credit refund,
50 as calculated by the department of economic

Page 2

1 development, in consultation with the department of
2 revenue and finance, shall be determined based on the
3 discounted value of the tax credit five years after
4 the tax year of the project completion at an interest
5 rate equivalent to the prime rate plus two percent.
6 The refunded tax credit shall not exceed seventy-five
7 percent of the allowable tax credit.
8 4. The total amount of tax credits that may be
9 approved for a fiscal year under this chapter shall
10 not exceed two million four hundred thousand dollars.
11 Tax credit certificates shall be issued on the basis
12 of the earliest awarding of certifications of
13 completion as provided in subsection 1. The
14 departments of economic development and revenue and
15 finance shall each adopt rules to jointly administer
16 this subsection and shall provide by rule for the

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