Text: SF02054 Text: SF02056 Text: SF02000 - SF02099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 404A.4, subsection 4, Code Supplement 1 2 2003, is amended to read as follows: 1 3 4. The total amount of tax credits that may be approved 1 4 for a fiscal year under this chapter shall not exceed two 1 5 million four hundred thousand dollars.For the fiscal years1 6beginning July 1, 2005, and July 1, 2006, an additional five1 7hundred thousand dollars of taxTax creditsmay beapproved 1 8 each fiscal year for purposes of projects located in cultural 1 9 and entertainment districts certified pursuant to section 1 10 303.3B shall not be counted toward the limit on the amount of 1 11 tax credits that can be approved in a fiscal year under this 1 12 subsection. Any of the additional tax credits allocated for 1 13 projects located in certified cultural and entertainment 1 14 districts that are not approved during a fiscal year may be 1 15 carried over to the succeeding fiscal year. Tax credit 1 16 certificates shall be issued on the basis of the earliest 1 17 awarding of certifications of completion as provided in 1 18 subsection 1. The departments of economic development and 1 19 revenue shall each adopt rules to jointly administer this 1 20 subsection and shall provide by rule for the method to be used 1 21 to determine for which fiscal year the tax credits are 1 22 approved. 1 23 EXPLANATION 1 24 This bill amends the limit on the amount of tax credits 1 25 that may be approved for purposes of the rehabilitation tax 1 26 credit program. Present law has a limit of $2.4 million per 1 27 fiscal year with another $500,000 for FY 2005-2006 and FY 1 28 2006-2007 for tax credits approved if the property is located 1 29 in a cultural and entertainment district. The bill leaves the 1 30 $2.4 million limit in place but allows for unlimited tax 1 31 credits if the property is located in a cultural and 1 32 entertainment district. This change will begin July 1, 2004, 1 33 and last indefinitely. 1 34 LSB 5845SS 80 1 35 mg/sh/8
Text: SF02054 Text: SF02056 Text: SF02000 - SF02099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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