Print
Senate File 488 - EnrolledAn Actrelating to the workforce housing tax incentives program
by requiring allocations to certain housing projects and
by increasing the allowable average dwelling unit cost and
the percentage of investment for tax incentives for certain
housing projects.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
Section 1. Section 15.119, subsection 2, paragraph g, Code
2017, is amended to read as follows:
g. The workforce housing tax incentives program administered
pursuant to sections 15.351 through 15.356. In allocating tax
credits pursuant to this subsection, the authority shall not
allocate more than twenty million dollars for purposes of this
paragraph. Of the moneys allocated under this paragraph, five
million dollars shall be reserved for allocation to qualified
housing projects in small cities, as defined in section 15.352,
that are registered on or after July 1, 2017.
Sec. 2. Section 15.352, Code 2017, is amended by adding the
following new subsections:
NEW SUBSECTION. 3A. “Greenfield site” means a site that
does not meet the definition of a brownfield site or grayfield
site. A project proposed at a site located on previously
undeveloped land or agricultural land shall be presumed to be
a greenfield site.
NEW SUBSECTION. 9. “Small city” means any city or township
located in this state, except those located within the eleven
most populous counties in the state, as determined by the most
recent federal decennial census. For the purposes of this
part, a small city that is located in more than one county
shall be considered to be located in the county having the
greatest taxable base within the small city.
Sec. 3. Section 15.353, subsection 1, paragraph a, Code
2017, is amended to read as follows:
a. Four or more single-family dwelling units, except for a
project located in a small city, then two or more single-family
dwelling units.
Sec. 4. Section 15.353, subsection 2, Code 2017, is amended
by adding the following new paragraph:
NEW PARAGRAPH. 0d. For a housing project located in a
small city that meets program requirements under subsection 1,
paragraph “a”, development at a greenfield site.
Sec. 5. Section 15.353, subsection 2, paragraph d,
-1-subparagraph (2), subparagraph division (c), Code 2017, is
amended to read as follows:
(c) The demand for projects applying under this paragraph
“d” compared to the demand for projects applying under
paragraphs “a” through “c” “0d”.
Sec. 6. Section 15.353, subsection 3, paragraph b, Code
2017, is amended to read as follows:
b. (1) The average dwelling unit cost does not exceed
two hundred fifty thousand dollars per dwelling unit if the
project involves the rehabilitation, repair, redevelopment,
or preservation of property described in section 404A.1,
subsection 8, paragraph “a”.
(2) The average dwelling unit cost for the project does not
exceed two hundred fifteen thousand dollars per dwelling unit
if the project is located in a small city.
Sec. 7. Section 15.354, subsection 4, paragraph c, Code
2017, is amended to read as follows:
c. (1) The authority shall issue tax incentives under the
program on a first-come, first-served basis until the maximum
amount of tax incentives allocated pursuant to section 15.119,
subsection 2, is reached. The authority shall maintain a list
of registered housing projects under the program so that if
the maximum aggregate amount of tax incentives is reached in
a given fiscal year, registered housing projects that were
completed but for which tax incentives were not issued shall
be placed on a wait list in the order the registered housing
projects were registered and shall be given priority for
receiving tax incentives in succeeding fiscal years.
(2) The authority shall administer allocations reserved for
qualified housing projects in small cities separately from the
general allocation in subparagraph (1). The authority shall
issue tax incentives for small cities under the program on a
first-come, first-served basis until the maximum amount of the
allocation reserved for small cities under section 15.119,
subsection 2, paragraph “g”, is reached. The authority shall
-2-maintain a list of registered housing projects in small cities
under the program so that if the maximum aggregate amount
of tax incentives reserved for small cities is reached in a
given fiscal year, such registered housing projects that were
completed but for which tax incentives were not issued shall
be placed on a wait list in the order the registered housing
projects were registered and shall be given priority for
receiving tax incentives in succeeding fiscal years. If the
maximum aggregate amount of tax incentives reserved for small
cities is not reached in a given fiscal year, the authority may
issue tax incentives reserved under this subparagraph (2) to
other housing projects registered under subsection 2.
Sec. 8. Section 15.355, subsection 3, paragraph a, Code
2017, is amended to read as follows:
a. A housing business may claim a tax credit in an amount
not to exceed the following:
(1) For a housing project not located in a small city,ten
percent of the qualifying new investment of a housing project.
(2) For a housing project located in a small city, twenty
percent of the qualifying new investment of a housing project.
______________________________
JACK WHITVERPresident of the Senate______________________________
LINDA UPMEYERSpeaker of the House I hereby certify that this bill originated in the Senate and is known as Senate File 488, Eighty-seventh General Assembly.______________________________
W. CHARLES SMITHSONSecretary of the SenateApproved _______________, 2017______________________________
TERRY E. BRANSTADGovernoraw/sc/jh
by requiring allocations to certain housing projects and
by increasing the allowable average dwelling unit cost and
the percentage of investment for tax incentives for certain
housing projects.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
Section 1. Section 15.119, subsection 2, paragraph g, Code
2017, is amended to read as follows:
g. The workforce housing tax incentives program administered
pursuant to sections 15.351 through 15.356. In allocating tax
credits pursuant to this subsection, the authority shall not
allocate more than twenty million dollars for purposes of this
paragraph. Of the moneys allocated under this paragraph, five
million dollars shall be reserved for allocation to qualified
housing projects in small cities, as defined in section 15.352,
that are registered on or after July 1, 2017.
Sec. 2. Section 15.352, Code 2017, is amended by adding the
following new subsections:
NEW SUBSECTION. 3A. “Greenfield site” means a site that
does not meet the definition of a brownfield site or grayfield
site. A project proposed at a site located on previously
undeveloped land or agricultural land shall be presumed to be
a greenfield site.
NEW SUBSECTION. 9. “Small city” means any city or township
located in this state, except those located within the eleven
most populous counties in the state, as determined by the most
recent federal decennial census. For the purposes of this
part, a small city that is located in more than one county
shall be considered to be located in the county having the
greatest taxable base within the small city.
Sec. 3. Section 15.353, subsection 1, paragraph a, Code
2017, is amended to read as follows:
a. Four or more single-family dwelling units, except for a
project located in a small city, then two or more single-family
dwelling units.
Sec. 4. Section 15.353, subsection 2, Code 2017, is amended
by adding the following new paragraph:
NEW PARAGRAPH. 0d. For a housing project located in a
small city that meets program requirements under subsection 1,
paragraph “a”, development at a greenfield site.
Sec. 5. Section 15.353, subsection 2, paragraph d,
-1-subparagraph (2), subparagraph division (c), Code 2017, is
amended to read as follows:
(c) The demand for projects applying under this paragraph
“d” compared to the demand for projects applying under
paragraphs “a” through “c” “0d”.
Sec. 6. Section 15.353, subsection 3, paragraph b, Code
2017, is amended to read as follows:
b. (1) The average dwelling unit cost does not exceed
two hundred fifty thousand dollars per dwelling unit if the
project involves the rehabilitation, repair, redevelopment,
or preservation of property described in section 404A.1,
subsection 8, paragraph “a”.
(2) The average dwelling unit cost for the project does not
exceed two hundred fifteen thousand dollars per dwelling unit
if the project is located in a small city.
Sec. 7. Section 15.354, subsection 4, paragraph c, Code
2017, is amended to read as follows:
c. (1) The authority shall issue tax incentives under the
program on a first-come, first-served basis until the maximum
amount of tax incentives allocated pursuant to section 15.119,
subsection 2, is reached. The authority shall maintain a list
of registered housing projects under the program so that if
the maximum aggregate amount of tax incentives is reached in
a given fiscal year, registered housing projects that were
completed but for which tax incentives were not issued shall
be placed on a wait list in the order the registered housing
projects were registered and shall be given priority for
receiving tax incentives in succeeding fiscal years.
(2) The authority shall administer allocations reserved for
qualified housing projects in small cities separately from the
general allocation in subparagraph (1). The authority shall
issue tax incentives for small cities under the program on a
first-come, first-served basis until the maximum amount of the
allocation reserved for small cities under section 15.119,
subsection 2, paragraph “g”, is reached. The authority shall
-2-maintain a list of registered housing projects in small cities
under the program so that if the maximum aggregate amount
of tax incentives reserved for small cities is reached in a
given fiscal year, such registered housing projects that were
completed but for which tax incentives were not issued shall
be placed on a wait list in the order the registered housing
projects were registered and shall be given priority for
receiving tax incentives in succeeding fiscal years. If the
maximum aggregate amount of tax incentives reserved for small
cities is not reached in a given fiscal year, the authority may
issue tax incentives reserved under this subparagraph (2) to
other housing projects registered under subsection 2.
Sec. 8. Section 15.355, subsection 3, paragraph a, Code
2017, is amended to read as follows:
a. A housing business may claim a tax credit in an amount
not to exceed the following:
(1) For a housing project not located in a small city,ten
percent of the qualifying new investment of a housing project.
(2) For a housing project located in a small city, twenty
percent of the qualifying new investment of a housing project.
______________________________
JACK WHITVERPresident of the Senate______________________________
LINDA UPMEYERSpeaker of the House I hereby certify that this bill originated in the Senate and is known as Senate File 488, Eighty-seventh General Assembly.______________________________
W. CHARLES SMITHSONSecretary of the SenateApproved _______________, 2017______________________________
TERRY E. BRANSTADGovernoraw/sc/jh