Text: HF02034 Text: HF02036 Text: HF02000 - HF02099 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 HOUSE FILE 2035 1 2 1 3 AN ACT 1 4 RELATING TO THE STATE HISTORIC PROPERTY REHABILITATION TAX 1 5 CREDIT AND INCLUDING EFFECTIVE AND RETROACTIVE APPLICABILITY 1 6 DATE PROVISIONS. 1 7 1 8 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 1 9 1 10 Section 1. Section 404A.1, subsection 1, Code 2001, is 1 11 amended to read as follows: 1 12 1. A property rehabilitation tax credit, subject to the 1 13 availability of the credit, is granted against theincometax 1 14 imposed under chapter 422, division II ,or divisionIII, or 1 15 V, or chapter 432, for the rehabilitation of eligible property 1 16 located in this state as provided in this chapter. Tax 1 17 credits in excess of tax liabilities shall be refunded as 1 18 provided in section 404A.4, subsection 3. 1 19 Sec. 2. Section 404A.2, unnumbered paragraph 3, Code 2001, 1 20 is amended by striking the unnumbered paragraph and inserting 1 21 in lieu thereof the following: 1 22 For purposes of individual and corporate income taxes and 1 23 the franchise tax, the increase in the basis of the 1 24 rehabilitated property that would otherwise result from the 1 25 qualified rehabilitation costs shall be reduced by the amount 1 26 of the credit computed under this chapter. 1 27 Sec. 3. Section 422.60, Code 2001, is amended by adding 1 28 the following new subsection: 1 29 NEW SUBSECTION. 4. a. The taxes imposed under this 1 30 division shall be reduced by a property rehabilitation tax 1 31 credit equal to the amount as computed under chapter 404A for 1 32 rehabilitating eligible property. Any credit in excess of the 1 33 tax liability shall be refunded as provided in section 404A.4, 1 34 subsection 3. 1 35 b. For purposes of this subsection, "eligible property" 2 1 means the same as used in section 404A.1. 2 2 Sec. 4. NEW SECTION. 432.12A PROPERTY REHABILITATION TAX 2 3 CREDIT. 2 4 1. The tax imposed under this chapter shall be reduced by 2 5 a property rehabilitation tax credit equal to the amount as 2 6 computed under chapter 404A for rehabilitating eligible 2 7 property. Any credit in excess of the tax liability shall be 2 8 refunded as provided in section 404A.4, subsection 3. 2 9 2. For purposes of this section, "eligible property" means 2 10 the same as used in section 404A.1. 2 11 Sec. 5. EFFECTIVE AND APPLICABILITY DATE. This Act, being 2 12 deemed of immediate importance, takes effect upon enactment 2 13 and applies retroactively to January 1, 2001, for tax years 2 14 beginning on or after that date. 2 15 2 16 2 17 2 18 BRENT SIEGRIST 2 19 Speaker of the House 2 20 2 21 2 22 2 23 MARY E. KRAMER 2 24 President of the Senate 2 25 2 26 I hereby certify that this bill originated in the House and 2 27 is known as House File 2035, Seventy-ninth General Assembly. 2 28 2 29 2 30 2 31 MARGARET THOMSON 2 32 Chief Clerk of the House 2 33 Approved , 2002 2 34 2 35 3 1 3 2 THOMAS J. VILSACK 3 3 Governor
Text: HF02034 Text: HF02036 Text: HF02000 - HF02099 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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