House File 130 



                                       HOUSE FILE       
                                       BY  VAN FOSSEN


    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 historic
  2    preservation and cultural and entertainment district tax
  3    credits authorized for approval for a fiscal year and
  4    including effective and applicability date provisions.
  5 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  6 TLSB 1753YH 82
  7 mg/je/5

PAG LIN



  1  1    Section 1.  Section 404A.4, subsection 4, Code 2007, 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 period beginning July 1, 2005, and ending June 30, 2015, an
  1  7 additional four million 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 shall be
  1 13 applied to reserved tax credits issued in accordance with
  1 14 section 404A.3 in order of original reservation.  The
  1 15 department of cultural affairs shall dedicate for each fiscal
  1 16 year at least two million dollars in tax credits for awarding
  1 17 to rehabilitation projects with total project costs of under
  1 18 two hundred thousand dollars.  The department of cultural
  1 19 affairs shall establish by rule the procedures for the
  1 20 application, review, selection, and awarding of certifications
  1 21 of completion.  The departments of economic development,
  1 22 cultural affairs, and revenue shall each adopt rules to
  1 23 jointly administer this subsection and shall provide by rule
  1 24 for the method to be used to determine for which fiscal year
  1 25 the tax credits are available.  With the exception of tax
  1 26 credits issued pursuant to contracts entered into prior to
  1 27 July 1, 2005, tax credits shall not be reserved for more than
  1 28 five years.
  1 29    Sec. 2.  EFFECTIVE AND APPLICABILITY DATES.  This Act,
  1 30 being deemed of immediate importance, takes effect upon
  1 31 enactment and applies retroactively to January 1, 2006, for
  1 32 fiscal years beginning after that date.
  1 33                           EXPLANATION
  1 34    This bill increases the amount of historic preservation and
  1 35 cultural and entertainment district tax credits that may be
  2  1 authorized in a fiscal year from $2.4 million to $20 million.
  2  2 In addition, the bill requires that at least $2 million of the
  2  3 tax credits be dedicated for awarding to projects under
  2  4 $200,000.
  2  5    The bill takes effect upon enactment and applies
  2  6 retroactively to January 1, 2006, for fiscal years beginning
  2  7 after that date.
  2  8 LSB 1753YH 82
  2  9 mg:nh/je/5