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       (112)  HISTORIC PRESERVATION AND CULTURAL AND ENTERTAINMENT DISTRICT TAX CREDITS   (SF436)  Draft  relating to the historic preservation and cultural and entertainment district tax credit by modifying the definition of substantial rehabilitation, the qualifications for certain projects, and including effective date and applicability provisions.Be It Enacted by the General Assembly of the State of Iowa:   (1)Section 404A.1, subsection 2, paragraph e, Code 2013, is amended to read as follows:e.“Substantial rehabilitation” means qualified rehabilitation costs that meet or exceed the following:(1)In the case of commercial property, costs totaling at leastfifty thousand dollars or fifty percent of the assessed value of the property, excluding the land, prior to the rehabilitation, whichever is less.(2)In the case of residential property or barnsother than commercial property, costs totaling at least twenty-five thousand dollars or twenty-five percent of the assessed value, excluding the land, prior to rehabilitation, whichever is less.   (2)Section 404A.3, subsection 3, paragraph b, Code 2013, is amended to read as follows:b.The eligible property shall be placed in service withineither sixty months of the date on which the project application was approved under this section, or seventy-two months of the date on which the project application was approved under this section if more than fifty percent of the qualified rehabilitation costs are incurred within sixty months of the date on which the project application was approved under this section.   (3)Section 404A.4, subsection 4, paragraph b, subparagraph (1), Code 2013, is amended to read as follows:(1)Ten percent of the dollar amount of tax credits shall be allocated for purposes of new projects with final qualified rehabilitation costs of fiveseven hundredfifty thousand dollars or less.   (4)EFFECTIVE UPON ENACTMENT.The following provision or provisions of this Act, being deemed of immediate importance, take effect upon enactment:1.The section of this Act amending section 404A.3.   (5)APPLICABILITY.The following provision or provisions of this Act apply to eligible property to be placed in service on or after the effective date of this Act:See chapter 140, §84 herein 1.The section of this Act amending section 404A.3.Approved May 16, 2013