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