Senate Study Bill 1240 - Introduced SENATE FILE _____ BY (PROPOSED COMMITTEE ON WAYS AND MEANS BILL BY CHAIRPERSON BOLKCOM) A BILL FOR An Act increasing the total amount of historic preservation and 1 cultural and entertainment district tax credits that may be 2 issued. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 2374XC (2) 85 mm/sc

S.F. _____ Section 1. Section 404A.4, subsection 2, paragraph d, Code 1 2013, is amended to read as follows: 2 d. For the fiscal year beginning July 1, 2012, and for each 3 fiscal year thereafter, the office shall reserve not more than 4 forty-five million dollars worth of tax credits for any one 5 taxable year. 6 Sec. 2. Section 404A.4, subsection 2, Code 2013, is amended 7 by adding the following new paragraph: 8 NEW PARAGRAPH . e. For the fiscal year beginning July 1, 9 2013, and for each fiscal year thereafter, the office shall 10 reserve not more than fifty million dollars worth of tax 11 credits for any one taxable year. 12 Sec. 3. Section 404A.4, subsection 4, paragraph a, Code 13 2013, is amended to read as follows: 14 a. The total amount of tax credits that may be approved for 15 a fiscal year prior to the fiscal year beginning July 1, 2012, 16 under this chapter shall not exceed fifty million dollars. 17 The total amount of tax credits that may be approved for a 18 the fiscal year beginning on or after July 1, 2012, shall not 19 exceed forty-five million dollars. The total amount of tax 20 credits that may be approved for a fiscal year beginning on or 21 after July 1, 2013, shall not exceed fifty million dollars. 22 EXPLANATION 23 This bill increases to $50 million from $45 million the 24 amount of historic preservation and cultural and entertainment 25 district tax credits that may be approved for a fiscal year and 26 reserved for any one taxable year. 27 -1- LSB 2374XC (2) 85 mm/sc 1/ 1