Senate File 259

                                       SENATE FILE       
                                       BY  HATCH


    Passed Senate, Date               Passed House,  Date             
    Vote:  Ayes        Nays           Vote:  Ayes        Nays         
                 Approved                            

                                      A BILL FOR

  1 An Act increasing the maximum amount of historic property
  2    rehabilitation tax credits available for a fiscal year.
  3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  4 TLSB 2664SS 80
  5 mg/sh/8

PAG LIN

  1  1    Section 1.  Section 404A.4, subsection 4, Code 2003, is
  1  2 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 ten
  1  5 million four hundred thousand dollars.  Tax credit
  1  6 certificates shall be issued on the basis of the earliest
  1  7 awarding of certifications of completion as provided in
  1  8 subsection 1.  The departments of economic development and
  1  9 revenue and finance shall each adopt rules to jointly
  1 10 administer this subsection and shall provide by rule for the
  1 11 method to be used to determine for which fiscal year the tax
  1 12 credits are approved.
  1 13                           EXPLANATION
  1 14    This bill increases from $2.4 million to $10 million the
  1 15 amount of historic property rehabilitation tax credits that
  1 16 may be approved for a fiscal year.
  1 17 LSB 2664SS 80
  1 18 mg/sh/8
  1 19
  1 20
  1 21
  1 22
  1 23
  1 24
  1 25
  1 26
  1 27
  1 28
  1 29
  1 30
  1 31
  1 32
  1 33
  1 34
  1 35