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 exceedtwo1 5 twenty millionfour hundred thousanddollars, 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