House File 2502 S-5321 Amend House File 2502, as amended, passed, and reprinted by 1 the House, as follows: 2 1. Page 37, after line 28 by inserting: 3 < DIVISION ___ 4 INVESTMENT TAX CREDITS 5 Sec. ___. 2014 Iowa Acts, chapter 1130, section 27, is 6 amended to read as follows: 7 SEC. 27. INVESTMENT TAX CREDITS ISSUED TO ELIGIBLE 8 HOUSING BUSINESSES UNDER THE ENTERPRISE ZONE PROGRAM —— 9 TRANSFERABILITY. Notwithstanding the requirement in section 10 15E.193B, subsection 8, Code 2014 , that not more than three 11 million dollars worth of tax credits for housing developments 12 located in a brownfield site or a blighted area shall be 13 eligible for transfer in a calendar year unless the eligible 14 housing business is also eligible for low-income housing tax 15 credits authorized under section 42 of the Internal Revenue 16 Code, and notwithstanding the requirement in section 15E.193B, 17 subsection 8, Code 2014 , that the economic development 18 authority shall not approve more than one million five hundred 19 thousand dollars in tax credit certificates for transfer to 20 any one eligible housing business located on a brownfield 21 site or in a blighted area in a calendar year, all investment 22 tax credits determined under section 15E.193B, subsection 6 , 23 paragraph “a”, Code 2014, for housing developments located on 24 a brownfield site or in a blighted area may be approved by the 25 economic development authority for transfer in calendar year 26 2014, or any subsequent calendar year, provided the eligible 27 housing business was awarded the investment tax credit before 28 the effective date of this section of this division of this Act 29 and notifies the economic development authority, in writing, 30 before July 1, 2014, of its intent to transfer such tax 31 credits, or provided the eligible housing business was awarded 32 the investment tax credit before July 1, 2015, for a housing 33 development located in a blighted area and in a county with 34 a total population of less than fifty thousand as determined 35 -1- HF2502.5828 (1) 87 tm/rn 1/ 2 #1.

by the most recent federal decennial census, and submits a 1 written request for approval to transfer such tax credits to 2 the economic development authority before October 31, 2017, 3 and provided the eligible housing business and the related 4 housing development meet all other applicable requirements 5 under section 15E.193B, Code 2014 . Notwithstanding any other 6 provision of law to the contrary, a tax credit transferred 7 pursuant to this section shall not be claimed by a transferee 8 prior to January 1, 2016. 9 Sec. ___. EFFECTIVE DATE. This division of this Act, being 10 deemed of immediate importance, takes effect upon enactment. 11 Sec. ___. RETROACTIVE APPLICABILITY. This division of this 12 Act applies retroactively to May 30, 2014. > 13 2. By renumbering as necessary. 14 ______________________________ THOMAS A. GREENE -2- HF2502.5828 (1) 87 tm/rn 2/ 2 #2.