House Journal: Page 531: Wednesday, February 28, 2001
19 county in which there is a designated enterprise zone.
20 Sec. . Section 15E.193B, subsection 6,
21 paragraph a, Code 2001, is amended to read as follows:
22 a. An eligible housing business may claim a tax
23 credit up to a maximum of ten percent of the new
24 investment which is directly related to the building
25 or rehabilitating of a minimum of four single-family
26 homes located in that part of a city or county in
27 which there is a designated enterprise zone or one
28 multiple dwelling unit building containing three or
29 more individual dwelling units located in that part of
30 a city or county in which there is a designated
31 enterprise zone. The new investment that may be used
32 to compute the tax credit shall not exceed the new
33 investment used for the first one hundred forty
34 thousand dollars of value for each single-family home
35 or for each unit of a multiple dwelling unit building
36 containing three or more units. The tax credit may be
37 used to reduce the tax liability imposed under chapter
38 422, division II, III, or V. Any credit in excess of
39 the tax liability for the tax year may be credited to
40 the tax liability for the following seven years or
41 until depleted, whichever occurs earlier. If the
42 business is a partnership, S corporation, limited
43 liability company, or estate or trust electing to have
44 the income taxed directly to the individual, an
45 individual may claim the tax credit allowed. The
46 amount claimed by the individual shall be based upon
47 the pro rata share of the individual's earnings of the
48 partnership, S corporation, limited liability company,
49 or estate or trust."
50 2. Page 5, by inserting after line 28 the
Page 2
1 following:
2 "Sec. . Section 15E.194, subsection 4, Code
3 2001, is amended to read as follows:
4 4. A city of any size or any county may designate
5 an enterprise zone at any time prior to July 1, 2010,
6 when a business closure occurs involving the loss of
7 full-time employees, not including retail employees,
8 at one place of business totaling at least one
9 thousand employees or four percent or more of the
10 county's resident labor force based on the most recent
11 annual resident labor force statistics from the
12 department of workforce development, whichever is
13 lower. The enterprise zone may be established on the
14 property of the place of business that has closed and
15 the enterprise zone may include an area up to an
16 additional one mile five miles adjacent to the
17 property. The area meeting the requirements for
© 2001 Cornell College and
League of Women Voters of Iowa
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