Text: HF02196 Text: HF02198 Text: HF02100 - HF02199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 404A.2, Code 2001, is amended by adding 1 2 the following new unnumbered paragraph after unnumbered 1 3 paragraph 3: 1 4 NEW UNNUMBERED PARAGRAPH. A person receiving a tax credit 1 5 under this chapter may transfer all or a portion of the unused 1 6 tax credit to any other person. However, the tax credit shall 1 7 only be transferred once. The transferee may use the amount 1 8 of the tax credit transferred against taxes imposed under 1 9 chapter 422, division II or III for any tax year the 1 10 transferor could have claimed the credit. Any consideration 1 11 received for the transfer of the tax credit shall not be 1 12 included as income under chapter 422, division II or III. Any 1 13 consideration paid for the transfer of the tax credit shall 1 14 not be deducted from income under chapter 422, division II or 1 15 III. 1 16 Sec. 2. Section 404A.4, subsection 2, Code 2001, is 1 17 amended to read as follows: 1 18 2. After verifying the eligibility for the tax credit, the 1 19 state historic preservation office, in consultation with the 1 20 department of economic development, shall issue a property 1 21 rehabilitation tax credit certificate to be attached to the 1 22 person's tax return. The tax credit certificate shall contain 1 23 the taxpayer's name, address, tax identification number, the 1 24 date of project completion, the amount of credit,andother 1 25 information required by the department of revenue and finance, 1 26 and a place for the name and tax identification number of any 1 27 transferee and the amount of the tax credit being transferred. 1 28 Sec. 3. Section 404A.4, subsection 4, Code 2001, is 1 29 amended to read as follows: 1 30 4. The total amount of tax credits that may be approved 1 31 for a fiscal year under this chapter shall not exceedtwofour 1 32 millionfoureight hundred thousand dollars. Tax credit 1 33 certificates shall be issued on the basis of the earliest 1 34 awarding of certifications of completion as provided in 1 35 subsection 1. The departments of economic development and 2 1 revenue and finance shall each adopt rules to jointly 2 2 administer this subsection and shall provide by rule for the 2 3 method to be used to determine for which fiscal year the tax 2 4 credits are approved. 2 5 EXPLANATION 2 6 This bill provides that a person receiving a historic 2 7 property rehabilitation tax credit may transfer all or a 2 8 portion of the unused credit to any other person; however, a 2 9 tax credit shall only be transferred once. The bill provides 2 10 that the transferee may use the amount of the tax credit 2 11 transferred against personal income taxes or corporate income 2 12 taxes for any tax year the transferor could have claimed the 2 13 tax credit. Consideration received for transfer of a tax 2 14 credit shall not be included as income for purposes of state 2 15 income tax and amounts paid for transfer of a tax credit may 2 16 not be deducted from income for purposes of state income tax. 2 17 The bill increases from $2.4 million to $4.8 million the 2 18 total amount of tax credits that may be approved for a fiscal 2 19 year. 2 20 LSB 5498HH 79 2 21 sc/cls/14.1
Text: HF02196 Text: HF02198 Text: HF02100 - HF02199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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