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House Amendment 1076

Amendment Text

PAG LIN
  1  1    Amend House File 349 as follows:
  1  2    #1.  Page 1, by inserting after line 27 the
  1  3 following:
  1  4    "Sec.    .  Section 15E.193B, subsection 2, Code
  1  5 2001, is amended to read as follows:
  1  6    2.  An eligible housing business under this section
  1  7 includes a housing developer, housing contractor, or
  1  8 nonprofit organization that builds or rehabilitates a
  1  9 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.    .  Section 15E.193B, subsection 6,
  1 21 paragraph a, Code 2001, is amended to read as follows:
  1 22    a.  An eligible housing business may claim a tax
  1 23 credit up to a maximum of ten percent of the new
  1 24 investment which is directly related to the building
  1 25 or rehabilitating of a minimum of four single-family
  1 26 homes located in that part of a city or county in
  1 27 which there is a designated enterprise zone or one
  1 28 multiple dwelling unit building containing three or
  1 29 more individual dwelling units located in that part of
  1 30 a city or county in which there is a designated
  1 31 enterprise zone.  The new investment that may be used
  1 32 to compute the tax credit shall not exceed the new
  1 33 investment used for the first one hundred forty
  1 34 thousand dollars of value for each single-family home
  1 35 or for each unit of a multiple dwelling unit building
  1 36 containing three or more units.  The tax credit may be
  1 37 used to reduce the tax liability imposed under chapter
  1 38 422, division II, III, or V.  Any credit in excess of
  1 39 the tax liability for the tax year may be credited to
  1 40 the tax liability for the following seven years or
  1 41 until depleted, whichever occurs earlier.  If the
  1 42 business is a partnership, S corporation, limited
  1 43 liability company, or estate or trust electing to have
  1 44 the income taxed directly to the individual, an
  1 45 individual may claim the tax credit allowed.  The
  1 46 amount claimed by the individual shall be based upon
  1 47 the pro rata share of the individual's earnings of the
  1 48 partnership, S corporation, limited liability company,
  1 49 or estate or trust."
  1 50    #2.  Page 5, by inserting after line 28 the
  2  1 following:
  2  2    "Sec.    .  Section 15E.194, subsection 4, Code
  2  3 2001, is amended to read as follows:
  2  4    4.  A city of any size or any county may designate
  2  5 an enterprise zone at any time prior to July 1, 2010,
  2  6 when a business closure occurs involving the loss of
  2  7 full-time employees, not including retail employees,
  2  8 at one place of business totaling at least one
  2  9 thousand employees or four percent or more of the
  2 10 county's resident labor force based on the most recent
  2 11 annual resident labor force statistics from the
  2 12 department of workforce development, whichever is
  2 13 lower.  The enterprise zone may be established on the
  2 14 property of the place of business that has closed and
  2 15 the enterprise zone may include an area up to an
  2 16 additional one mile five miles adjacent to the
  2 17 property.  The area meeting the requirements for
  2 18 enterprise zone eligibility under this subsection
  2 19 shall not be included for the purpose of determining
  2 20 the area limitation pursuant to section 15E.192,
  2 21 subsection 4.  The area included in an enterprise zone
  2 22 designated under this subsection on or after June 1,
  2 23 2000, may be amended to change the boundaries of the
  2 24 enterprise zone.  Such an amendment must be approved
  2 25 by the department within three years of the date the
  2 26 enterprise zone was certified."
  2 27    #3.  Title page, by striking lines 1 through 4 and
  2 28 inserting the following:  "An Act relating to the
  2 29 enterprise zone program and providing a retroactive".
  2 30    #4.  By renumbering as necessary.  
  2 31 
  2 32 
  2 33                               
  2 34 JENKINS of Black Hawk
  2 35 HF 349.202 79
  2 36 tm/gg
     

Text: H01075                            Text: H01077
Text: H01000 - H01099                   Text: H Index
Bills and Amendments: General Index     Bill History: General Index

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