Senate File 2106 - Introduced SENATE FILE 2106 BY DOTZLER A BILL FOR An Act relating to qualifying investments for redevelopment tax 1 credits and including applicability provisions. 2 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 3 TLSB 5858XS (2) 84 tm/sc
S.F. 2106 Section 1. Section 15.291, subsection 5, Code Supplement 1 2011, is amended to read as follows: 2 5. “Qualifying investment” means costs that are directly 3 related to a qualifying redevelopment project and that 4 are incurred after an application for the project has been 5 registered and approved by filed with the board authority . 6 “Qualifying investment” only includes the purchase price, the 7 cleanup costs, and the redevelopment costs. 8 Sec. 2. APPLICABILITY. This Act applies to applications 9 filed on and after July 1, 2012. 10 EXPLANATION 11 This bill relates to qualifying investments for 12 redevelopment tax credits. 13 Currently, for a redevelopment tax credit, the term 14 qualifying investment means certain costs related to a 15 qualifying redevelopment project that are incurred after the 16 project has been registered and approved by the economic 17 development authority board. The bill provides that the term 18 qualifying investment means certain costs that are incurred 19 after an application for a project has been filed with the 20 economic development authority. 21 The bill applies to applications filed on and after July 1, 22 2012. 23 -1- LSB 5858XS (2) 84 tm/sc 1/ 1