Senate Amendment 3274
PAG LIN
1 1 Amend Senate File 481 as follows:
1 2 #1. By striking page 4, line 25, through page 5,
1 3 line 10, and inserting the following: <tax credit
1 4 being transferred. Of the tax credits approved for
1 5 the fiscal year beginning July 1, 2009, the department
1 6 shall reserve not more than twenty million dollars
1 7 worth of tax credits for a taxable year beginning on
1 8 or after January 1, 2009. Tax credits approved for
1 9 all subsequent fiscal years shall be reserved for
1 10 taxable years beginning on or after January 1, 2010.>
1 11 #2. By striking page 5, line 20, through page 7,
1 12 line 22, and inserting the following:
1 13 <4. The total amount of tax credits that may be
1 14 approved for a fiscal year under this chapter shall
1 15 not exceed ten million dollars in the fiscal year
1 16 beginning July 1, 2007, fifteen million dollars in the
1 17 fiscal year beginning July 1, 2008, and twenty million
1 18 dollars in the fiscal year beginning July 1, 2009, and
1 19 each fiscal year thereafter. Of the tax credits
1 20 approved for a fiscal year under this chapter, ten
1 21 percent of the dollar amount of tax credits shall be
1 22 allocated for purposes of new projects with qualified
1 23 costs of five hundred thousand dollars or less, and
1 24 forty percent of the dollar amount of tax credits
1 25 shall be allocated for purposes of new projects
1 26 located in cultural and entertainment districts
1 27 certified pursuant to section 303.3B or identified in
1 28 Iowa great places agreements developed pursuant to
1 29 section 303.3C. Any of the tax credits allocated for
1 30 projects located in certified cultural and
1 31 entertainment districts or identified in Iowa great
1 32 places agreements and for projects with a cost of five
1 33 hundred thousand dollars or less that are not reserved
1 34 during a fiscal year shall be applied to reserved tax
1 35 credits issued in accordance with section 404A.3 in
1 36 order of original reservation. For the fiscal year
1 37 beginning July 1, 2010 and for each fiscal year
1 38 thereafter, the amount of tax credits that may be
1 39 approved is not limited. The department of cultural
1 40 affairs shall establish by rule the procedures for the
1 41 application, review, selection, and awarding of
1 42 certifications of completion. The departments of
1 43 cultural affairs and revenue shall each adopt rules to
1 44 jointly administer this subsection and shall provide
1 45 by rule for the method to be used to determine for
1 46 which fiscal year the tax credits are available. With
1 47 the exception of tax credits issued pursuant to
1 48 contracts entered into prior to July 1, 2007, tax
1 49 credits shall not be reserved for more than three
1 50 years.>
2 1 #3. By renumbering as necessary.
2 2
2 3
2 4
2 5 SHAWN HAMERLINCK
2 6
2 7
2 8
2 9 KIM REYNOLDS
2 10
2 11
2 12
2 13 JAMES F. HAHN
2 14
2 15
2 16
2 17 RANDY FEENSTRA
2 18
2 19
2 20
2 21 TIM L. KAPUCIAN
2 22
2 23
2 24
2 25 MERLIN BARTZ
2 26
2 27
2 28
2 29 DAVID JOHNSON
2 30
2 31
2 32
2 33 LARRY NOBLE
2 34
2 35
2 36
2 37 PAT WARD
2 38
2 39
2 40
2 41 RON WIECK
2 42
2 43
2 44
2 45 STEVE KETTERING
2 46
2 47
2 48
2 49 BRAD ZAUN
2 50
3 1
3 2
3 3 NANCY J. BOETTGER
3 4
3 5
3 6
3 7 JAMES A. SEYMOUR
3 8
3 9
3 10
3 11 JERRY BEHN
3 12 SF 481.702 83
3 13 tw/sc/24337
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