House File 2206 - Introduced



                                   HOUSE FILE       
                                   BY  SCHUELLER, JOCHUM, THOMAS,
                                       REICHERT, MILLER, MAY,
                                       TOMENGA, DRAKE, ANDERSON,
                                       PETTENGILL, WISE, and JACOBY


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

                                      A BILL FOR

  1 An Act relating to the amount of historic preservation and
  2    cultural and entertainment district tax credits allowed each
  3    fiscal year.
  4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  5 TLSB 6115HH 81
  6 tm/sh/8

PAG LIN



  1  1    Section 1.  Section 404A.4, subsection 4, Code Supplement
  1  2 2005, 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 twenty million four hundred thousand dollars, of which at
  1  6 least four million dollars shall be allocated for purposes of
  1  7 projects with a cost of five hundred thousand dollars or less.
  1  8 For the fiscal period beginning July 1, 2005, and ending June
  1  9 30, 2015, an additional four million dollars of tax credits
  1 10 may be approved each fiscal year for purposes of projects
  1 11 located in cultural and entertainment districts certified
  1 12 pursuant to section 303.3B.  Any of the additional tax credits
  1 13 allocated for projects located in certified cultural and
  1 14 entertainment districts that are not approved during a fiscal
  1 15 year shall be applied to reserved tax credits issued in
  1 16 accordance with section 404A.3 in order of original
  1 17 reservation.  The department of cultural affairs shall
  1 18 establish by rule the procedures for the application, review,
  1 19 selection, and awarding of certifications of completion.  The
  1 20 departments of economic development, cultural affairs, and
  1 21 revenue shall each adopt rules to jointly administer this
  1 22 subsection and shall provide by rule for the method to be used
  1 23 to determine for which fiscal year the tax credits are
  1 24 available.  With the exception of tax credits issued pursuant
  1 25 to contracts entered into prior to July 1, 2005, tax credits
  1 26 shall not be reserved for more than five years.
  1 27                           EXPLANATION
  1 28    This bill relates to the amount of historic preservation
  1 29 and cultural and entertainment district tax credits allowed
  1 30 each fiscal year.
  1 31    The bill increases the amount of historic preservation and
  1 32 cultural and entertainment district tax credits that may be
  1 33 approved for a fiscal year from $2.4 million each fiscal year
  1 34 to $20 million each fiscal year.  The bill provides that, of
  1 35 the $20 million of tax credits allowed each fiscal year, at
  2  1 least $4 million shall be allocated for purposes of projects
  2  2 with a cost of $500,000 or less.
  2  3 LSB 6115HH 81
  2  4 tm:nh/sh/8