Text: SF00440 Text: SF00442 Text: SF00400 - SF00499 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 SENATE FILE 441 1 2 1 3 AN ACT 1 4 RELATING TO THE TRANSFER OF CERTAIN PROPERTY-RELATED TAX 1 5 CREDITS 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 15E.193B, subsection 8, Code 2003, is 1 11 amended to read as follows: 1 12 8. The amount of the tax credits determined pursuant to 1 13 subsection 6, paragraph "a", for each project shall be 1 14 approved by the department of economic development. The 1 15 department shall utilize the financial information required to 1 16 be provided under subsection 5, paragraph "e", to determine 1 17 the tax credits allowed for each project. In determining the 1 18 amount of tax credits to be allowed for a project, the 1 19 department shall not include the portion of the project cost 1 20 financed through federal, state, and local government tax 1 21 credits, grants, and forgivable loans. Upon approving the 1 22 amount of the tax credit, the department of economic 1 23 development shall issue a tax credit certificate to the 1 24 eligible housing business. An eligible housing business or 1 25 transferee shall not claim the tax credit unless a tax credit 1 26 certificate issued by the department of economic development 1 27 is attached to the taxpayer's return for the tax year for 1 28 which the tax credit is claimed. The tax credit certificate 1 29 shall contain the taxpayer's name, address, tax identification 1 30 number, the amount of the tax credit, and other information 1 31 required by the department of revenue and finance. The tax 1 32 credit certificate shall be transferable if low-income housing 1 33 tax credits authorized under section 42 of the Internal 1 34 Revenue Code are used to assist in the financing of the 1 35 housing development. Tax credit certificates issued under 2 1 this chapter may be transferred to any person or entity. 2 2 Within ninety days of transfer, the transferee must submit the 2 3 transferred tax credit certificate to the department of 2 4 economic development along with a statement containing the 2 5 transferee's name, tax identification number, and address, and 2 6 the denomination that each replacement tax credit certificate 2 7 is to carry and any other information required by the 2 8 department of revenue and finance. Within thirty days of 2 9 receiving the transferred tax credit certificate and the 2 10 transferee's statement, the department of economic development 2 11 shall issue one or more replacement tax credit certificates to 2 12 the transferee. Each replacement certificate must contain the 2 13 information required to receive the original certificate and 2 14 must have the same expiration date that appeared in the 2 15 transferred tax credit certificate. Tax credit certificate 2 16 amounts of less than the minimum amount established by rule of 2 17 the department of economic development shall not be 2 18 transferable. A tax credit shall not be claimed by a 2 19 transferee under subsection 6, paragraph "a", until a 2 20 replacement tax credit certificate identifying the transferee 2 21 as the proper holder has been issued. 2 22 The transferee may use the amount of the tax credit 2 23 transferred against the taxes imposed under chapter 422, 2 24 divisions II, III, and V, and chapter 432 for any tax year the 2 25 original transferor could have claimed the tax credit. Any 2 26 consideration received for the transfer of the tax credit 2 27 shall not be included as income under chapter 422, divisions 2 28 II, III, and V. Any consideration paid for the transfer of 2 29 the tax credit shall not be deducted from income under chapter 2 30 422, divisions II, III, and V. 2 31 Sec. 2. Section 404A.4, subsection 2, Code 2003, is 2 32 amended to read as follows: 2 33 2. After verifying the eligibility for the tax credit, the 2 34 state historic preservation office, in consultation with the 2 35 department of economic development, shall issue a property 3 1 rehabilitation tax credit certificate to be attached to the 3 2 person's tax return. The tax credit certificate shall contain 3 3 the taxpayer's name, address, tax identification number, the 3 4 date of project completion, the amount of credit,andother 3 5 information required by the department of revenue and finance, 3 6 and a place for the name and tax identification number of a 3 7 transferee and the amount of the tax credit being transferred. 3 8 Sec. 3. Section 404A.4, Code 2003, is amended by adding 3 9 the following subsection: 3 10 NEW SUBSECTION. 5. Tax credit certificates issued under 3 11 this chapter may be transferred to any person or entity. 3 12 Within ninety days of transfer, the transferee must submit the 3 13 transferred tax credit certificate to the state historic 3 14 preservation office along with a statement containing the 3 15 transferee's name, tax identification number, and address, and 3 16 the denomination that each replacement tax credit certificate 3 17 is to carry and any other information required by the 3 18 department of revenue and finance. Within thirty days of 3 19 receiving the transferred tax credit certificate and the 3 20 transferee's statement, the office shall issue one or more 3 21 replacement tax credit certificates to the transferee. Each 3 22 replacement certificate must contain the information required 3 23 under subsection 2 and must have the same expiration date that 3 24 appeared in the transferred tax credit certificate. Tax 3 25 credit certificate amounts of less than the minimum amount 3 26 established by rule of the office shall not be transferable. 3 27 A tax credit shall not be claimed by a transferee under this 3 28 chapter until a replacement tax credit certificate identifying 3 29 the transferee as the proper holder has been issued. 3 30 The transferee may use the amount of the tax credit 3 31 transferred against the taxes imposed under chapter 422, 3 32 divisions II, III, and V, and chapter 432 for any tax year the 3 33 original transferor could have claimed the tax credit. Any 3 34 consideration received for the transfer of the tax credit 3 35 shall not be included as income under chapter 422, divisions 4 1 II, III, and V. Any consideration paid for the transfer of 4 2 the tax credit shall not be deducted from income under chapter 4 3 422, divisions II, III, and V. 4 4 Sec. 4. EFFECTIVE AND APPLICABILITY DATE. This Act, being 4 5 deemed of immediate importance, takes effect upon enactment 4 6 and applies retroactively to January 1, 2003, for tax years 4 7 beginning on or after that date. 4 8 4 9 4 10 4 11 MARY E. KRAMER 4 12 President of the Senate 4 13 4 14 4 15 4 16 CHRISTOPHER C. RANTS 4 17 Speaker of the House 4 18 4 19 I hereby certify that this bill originated in the Senate and 4 20 is known as Senate File 441, Eightieth General Assembly. 4 21 4 22 4 23 4 24 MICHAEL E. MARSHALL 4 25 Secretary of the Senate 4 26 Approved , 2003 4 27 4 28 4 29 4 30 THOMAS J. VILSACK 4 31 Governor
Text: SF00440 Text: SF00442 Text: SF00400 - SF00499 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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