House File 262 - Introduced



                                       HOUSE FILE       
                                       BY  JOCHUM


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

                                      A BILL FOR

  1 An Act relating to the increase in the amount of property
  2    rehabilitation tax credits authorized for approval for a
  3    fiscal year and including effective and applicability date
  4    provisions.
  5 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  6 TLSB 1657HH 81
  7 mg/pj/5

PAG LIN



  1  1    Section 1.  Section 404A.4, subsection 4, Code 2005, 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
  1  5 twenty million four hundred thousand dollars.  For the fiscal
  1  6 years beginning July 1, 2005, and July 1, 2006, an additional
  1  7 five hundred thousand dollars of tax credits may be approved
  1  8 each fiscal year for purposes of projects located in cultural
  1  9 and entertainment districts certified pursuant to section
  1 10 303.3B.  Any of the additional tax credits allocated for
  1 11 projects located in certified cultural and entertainment
  1 12 districts that are not approved during a fiscal year may be
  1 13 carried over to the succeeding fiscal year.  The department of
  1 14 cultural affairs shall dedicate for each fiscal year at least
  1 15 two million dollars in tax credits for awarding to
  1 16 rehabilitation projects with total project costs of under two
  1 17 hundred thousand dollars.  The department of cultural affairs
  1 18 shall establish by rule the procedures for the application,
  1 19 review, selection, and awarding of certifications of
  1 20 completion.  The departments of economic development, cultural
  1 21 affairs, and revenue shall each adopt rules to jointly
  1 22 administer this subsection and shall provide by rule for the
  1 23 method to be used to determine for which fiscal year the tax
  1 24 credits are available.
  1 25    Sec. 2.  EFFECTIVE AND APPLICABILITY DATES.  This Act,
  1 26 being deemed of immediate importance, takes effect upon
  1 27 enactment and applies to fiscal years beginning on or after
  1 28 the July 1 following the effective date.
  1 29                           EXPLANATION
  1 30    This bill increases the amount of property rehabilitation
  1 31 tax credits that may be authorized in a fiscal year from $2.4
  1 32 million to $20 million.  In addition, the bill requires that
  1 33 at least $2 million of the tax credits be dedicated for
  1 34 awarding to projects under $200,000.
  1 35    The bill takes effect upon enactment and applies to fiscal
  2  1 years beginning on or after the July 1 following the effective
  2  2 date.
  2  3 LSB 1657HH 81
  2  4 mg:nh/pj/5