Text: HF00440 Text: HF00442 Text: HF00400 - HF00499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 404A.1, subsection 1, Code 2001, is 1 2 amended to read as follows: 1 3 1. A property rehabilitation tax credit, subject to the1 4availability of the credit,is granted against the income tax 1 5 imposed under chapter 422, division II or division III, for 1 6 the rehabilitation of eligible property located in this state 1 7 as provided in this chapter. Tax credits in excess of tax 1 8 liabilities shall be refunded as provided in section 404A.4, 1 9 subsection 3. 1 10 Sec. 2. Section 404A.4, subsection 4, Code 2001, is 1 11 amended by striking the subsection. 1 12 Sec. 3. Section 404A.5, Code 2001, is amended to read as 1 13 follows: 1 14 404A.5 ECONOMIC IMPACT – RECOMMENDATIONS. 1 15 The department of cultural affairs, in consultation with 1 16 the department of economic development, shall be responsible 1 17 for keeping the general assembly and the legislative fiscal 1 18 bureau informed on the overall economic impact to the state of 1 19 the rehabilitation of eligible properties. An annual report 1 20 shall be filed which shall include, but is not limited to, 1 21 data on the number and potential value of rehabilitation 1 22 projects begun during the latest twelve-month period, the 1 23 total property rehabilitation tax credits originally granted 1 24 during that period, the potential reduction in state tax 1 25 revenues as a result of all tax credits still unused and 1 26 eligible for refund, and the potential increase in local 1 27 property tax revenues as a result of the rehabilitated 1 28 projects. The department, to the extent it is able, shall 1 29 provide recommendations onwhether a limit on tax credits1 30should be established,the need for a broader or more 1 31 restrictive definition of eligible property, and other 1 32 adjustments to the tax credits under this chapter. 1 33 Sec. 4. APPLICABILITY. This Act applies to fiscal years 1 34 beginning on or after July 1, 2001. 1 35 EXPLANATION 2 1 Property rehabilitation tax credits were enacted during the 2 2 2000 legislative session. The enacting legislation provided 2 3 for a limitation on approval of tax credit of not more than 2 4 $2.4 million for a fiscal year. This bill eliminates that 2 5 limitation. 2 6 The bill applies to fiscal years beginning on or after July 2 7 1, 2001. 2 8 LSB 2870HH 79 2 9 mg/gg/8
Text: HF00440 Text: HF00442 Text: HF00400 - HF00499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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