Senate File 2383 S-5069 Amend Senate File 2383 as follows: 1 1. Page 31, after line 28 by inserting: 2 < Sec. ___. 2014 Iowa Acts, chapter 1130, section 27, is 3 amended to read as follows: 4 SEC. 27. INVESTMENT TAX CREDITS ISSUED TO ELIGIBLE 5 HOUSING BUSINESSES UNDER THE ENTERPRISE ZONE PROGRAM —— 6 TRANSFERABILITY. Notwithstanding the requirement in section 7 15E.193B, subsection 8, Code 2014 , that not more than three 8 million dollars worth of tax credits for housing developments 9 located in a brownfield site or a blighted area shall be 10 eligible for transfer in a calendar year unless the eligible 11 housing business is also eligible for low-income housing tax 12 credits authorized under section 42 of the Internal Revenue 13 Code, and notwithstanding the requirement in section 15E.193B, 14 subsection 8, Code 2014 , that the economic development 15 authority shall not approve more than one million five hundred 16 thousand dollars in tax credit certificates for transfer to 17 any one eligible housing business located on a brownfield 18 site or in a blighted area in a calendar year, all investment 19 tax credits determined under section 15E.193B, subsection 6 , 20 paragraph “a”, Code 2014, for housing developments located on 21 a brownfield site or in a blighted area may be approved by the 22 economic development authority for transfer in calendar year 23 2014, or any subsequent calendar year, provided the eligible 24 housing business was awarded the investment tax credit before 25 the effective date of this section of this division of this Act 26 and notifies the economic development authority, in writing, 27 before July 1, 2014, of its intent to transfer such tax 28 credits, or provided the eligible housing business was awarded 29 the investment tax credit before July 1, 2015, for a housing 30 development located in a blighted area and in a county with 31 a total population of less than fifty thousand as determined 32 by the most recent federal decennial census, and submits a 33 written request for approval to transfer such tax credits to 34 the economic development authority before October 31, 2017, 35 -1- SF2383.3969 (1) 87 mm/jh 1/ 2 #1.

and provided the eligible housing business and the related 1 housing development meet all other applicable requirements 2 under section 15E.193B, Code 2014 . Notwithstanding any other 3 provision of law to the contrary, a tax credit transferred 4 pursuant to this section shall not be claimed by a transferee 5 prior to January 1, 2016. > 6 2. Page 32, line 18, by striking < 11 > and inserting < 12 > 7 3. Page 33, after line 22 by inserting: 8 < 12. The section of this division of this Act amending 9 2014 Iowa Acts, chapter 1130, section 27, being deemed of 10 immediate importance, takes effect upon enactment, and applies 11 retroactively to May 30, 2014. > 12 4. By renumbering as necessary. 13 ______________________________ THOMAS A. GREENE -2- SF2383.3969 (1) 87 mm/jh 2/ 2 #2. #3. #4.