Text: HF00349 Text: HF00351 Text: HF00300 - HF00399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 15E.193B, subsection 2, Code 2001, is 1 2 amended to read as follows: 1 3 2. An eligible housing business under this section 1 4 includes a housing developer, housing contractor, or nonprofit 1 5 organization that builds or rehabilitates a minimum of four 1 6 single-family homeswith a value, after completion of the1 7building or rehabilitation, not exceeding one hundred twenty1 8thousand dollars for each homelocated in that part of a city 1 9 or county in which there is a designated enterprise zone or 1 10 one multiple dwelling unit building containing three or more 1 11 individual dwelling unitswith a total value per unit, after1 12completion of the building or rehabilitation, not exceeding1 13one hundred twenty thousand dollarslocated in that part of a 1 14 city or county in which there is a designated enterprise zone. 1 15 Sec. 2. Section 15E.193B, subsection 6, paragraph a, Code 1 16 2001, is amended to read as follows: 1 17 a. An eligible housing business may claim a tax credit up 1 18 to a maximum of ten percent of the new investment which is 1 19 directly related to the building or rehabilitating of a 1 20 minimum of four single-family homes located in that part of a 1 21 city or county in which there is a designated enterprise zone 1 22 or one multiple dwelling unit building containing three or 1 23 more individual dwelling units located in that part of a city 1 24 or county in which there is a designated enterprise zone. The 1 25 new investment that may be used to compute the tax credit 1 26 shall not exceed the new investment used for the first one 1 27 hundred forty thousand dollars of value for each single-family 1 28 home or for each unit of a multiple dwelling unit building 1 29 containing three or more units. The tax credit may be used to 1 30 reduce the tax liability imposed under chapter 422, division 1 31 II, III, or V. Any credit in excess of the tax liability for 1 32 the tax year may be credited to the tax liability for the 1 33 following seven years or until depleted, whichever occurs 1 34 earlier. If the business is a partnership, S corporation, 1 35 limited liability company, or estate or trust electing to have 2 1 the income taxed directly to the individual, an individual may 2 2 claim the tax credit allowed. The amount claimed by the 2 3 individual shall be based upon the pro rata share of the 2 4 individual's earnings of the partnership, S corporation, 2 5 limited liability company, or estate or trust. 2 6 Sec. 3. Section 15E.194, subsection 4, Code 2001, is 2 7 amended to read as follows: 2 8 4. A city of any size or any county may designate an 2 9 enterprise zone at any time prior to July 1, 2010, when a 2 10 business closure occurs involving the loss of full-time 2 11 employees, not including retail employees, at one place of 2 12 business totaling at least one thousand employees or four 2 13 percent or more of the county's resident labor force based on 2 14 the most recent annual resident labor force statistics from 2 15 the department of workforce development, whichever is lower. 2 16 The enterprise zone may be established on the property of the 2 17 place of business that has closed and the enterprise zone may 2 18 include an area up to an additionalone milefive miles 2 19 adjacent to the property. The area meeting the requirements 2 20 for enterprise zone eligibility under this subsection shall 2 21 not be included for the purpose of determining the area 2 22 limitation pursuant to section 15E.192, subsection 4. The 2 23 area included in an enterprise zone designated under this 2 24 subsection on or after June 1, 2000, may be amended to change 2 25 the boundaries of the enterprise zone. Such an amendment must 2 26 be approved by the department within three years of the date 2 27 the enterprise zone was certified. 2 28 EXPLANATION 2 29 This bill amends the enterprise zone program administered 2 30 by the department of economic development. 2 31 Currently, a city or county may designate an enterprise 2 32 zone when a business closure occurs involving the loss of 2 33 full-time employees at one place of business totaling at least 2 34 1,000 employees or 4 percent or more of the county's resident 2 35 labor force, whichever is lower. The enterprise zone may be 3 1 established on the property of the place of business that has 3 2 closed and may include an area up to an additional one mile 3 3 adjacent to the property. 3 4 The bill amends the allowable area adjacent to the property 3 5 that may be included in the enterprise zone from one mile to 3 6 five miles. The bill also allows an enterprise zone 3 7 designated on or after June 1, 2000, to be amended to change 3 8 the boundaries of the enterprise zone. The bill provides that 3 9 the amended boundaries must be approved by the department 3 10 within three years of the date the enterprise zone was 3 11 certified. 3 12 The bill amends the housing business portion of the 3 13 enterprise zone program. The bill eliminates the $120,000 3 14 maximum limit that a single-family home or each unit of a 3 15 multiple dwelling unit containing three or more units may be 3 16 worth after completion of the building or rehabilitation. The 3 17 bill provides that new investment that may be used to compute 3 18 the tax credit that a housing business may claim shall not 3 19 exceed the new investment used for the first $140,000 of value 3 20 for each single-family home or for each unit of a multiple 3 21 dwelling unit building containing three or more units. 3 22 LSB 1553HV 79 3 23 tm/cls/14
Text: HF00349 Text: HF00351 Text: HF00300 - HF00399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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