Senate Study Bill 3202 - Introduced SENATE FILE _____ BY (PROPOSED COMMITTEE ON WAYS AND MEANS BILL BY CHAIRPERSON BOLKCOM) A BILL FOR An Act increasing the amount available for allocation to the 1 brownfields and grayfields redevelopment tax credits under 2 the aggregate tax credit limit and including effective date 3 provisions. 4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 5 TLSB 6121XC (1) 84 mm/sc
S.F. _____ Section 1. Section 15.119, subsection 3, Code Supplement 1 2011, is amended to read as follows: 2 3. In allocating the amount of tax credits authorized 3 pursuant to subsection 1 among the programs specified in 4 subsection 2 , the authority shall not allocate more than five 5 ten million dollars for purposes of subsection 2 , paragraph “h” . 6 Sec. 2. EFFECTIVE UPON ENACTMENT. This Act, being deemed of 7 immediate importance, takes effect upon enactment. 8 EXPLANATION 9 This bill increases from $5 million to $10 million the 10 amount of tax credits that the economic development authority 11 may annually allocate under its aggregate tax credit limit in 12 Code section 15.119 to the redevelopment tax credit program 13 for brownfields and grayfields. The bill takes effect upon 14 enactment. 15 -1- LSB 6121XC (1) 84 mm/sc 1/ 1