Text: SSB03100 Text: SSB03102 Text: SSB03100 - SSB03199 Text: SSB 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 the 1 4 availability of the credit, is granted against theincometax 1 5 imposed under chapter 422, division II or division III, or 1 6 chapter 432, for the rehabilitation of eligible property 1 7 located in this state as provided in this chapter. Tax 1 8 credits in excess of tax liabilities shall be refunded as 1 9 provided in section 404A.4, subsection 3. 1 10 Sec. 2. Section 404A.2, unnumbered paragraph 3, Code 2001, 1 11 is amended by striking the unnumbered paragraph and inserting 1 12 in lieu thereof the following: 1 13 For purposes of individual and corporate income taxes, the 1 14 increase in the basis of the rehabilitated property that would 1 15 otherwise result from the qualified rehabilitation costs shall 1 16 be reduced by the amount of the credit computed under this 1 17 chapter. 1 18 Sec. 3. NEW SECTION. 432.12A PROPERTY REHABILITATION TAX 1 19 CREDIT. 1 20 1. The tax imposed under this chapter shall be reduced by 1 21 a property rehabilitation tax credit equal to the amount as 1 22 computed under chapter 404A for rehabilitating eligible 1 23 property. Any credit in excess of the tax liability shall be 1 24 refunded as provided in section 404A.4, subsection 3. 1 25 2. For purposes of this section, "eligible property" means 1 26 the same as used in section 404A.1. 1 27 Sec. 4. EFFECTIVE AND APPLICABILITY DATE. This Act, being 1 28 deemed of immediate importance, takes effect upon enactment 1 29 and applies retroactively to January 1, 2001, for tax years 1 30 beginning on or after that date. 1 31 EXPLANATION 1 32 This bill provides that the historic property 1 33 rehabilitation tax credit may be applied against the insurance 1 34 premiums tax. Under present law, the tax credit is only 1 35 available for purposes of the individual and corporate income 2 1 taxes. In addition, the bill provides that for purposes of 2 2 individual and corporate income taxes, the increase in the 2 3 basis of the rehabilitated property that would otherwise 2 4 result from the rehabilitation costs is to be reduced by the 2 5 amount of the credit. Present law prohibits the deduction of 2 6 all of the rehabilitation expenses. 2 7 The bill takes effect upon enactment and applies 2 8 retroactively to January 1, 2001, for tax years beginning on 2 9 or after that date. 2 10 LSB 5060SC 79 2 11 mg/cls/14
Text: SSB03100 Text: SSB03102 Text: SSB03100 - SSB03199 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
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