404A.1 Definitions. For purposes of this chapter, unless the context otherwise requires: 1. “Authority” means the economic development authority created in section 15.105. 2. “Completion date” means the date on which property that is the subject of a qualified rehabilitation project is placed in service, as that term is used in section 47 of the […]
404A.2 Historic preservation tax credit. 1. An eligible taxpayer who has entered into an agreement under section 404A.3, subsection 3, is eligible to receive a historic preservation tax credit in an amount equal to twenty-five percent of the qualified rehabilitation expenditures of a qualified rehabilitation project that are specified in the agreement. Notwithstanding any other […]
404A.3 Application and registration — agreement — compliance and examination. 1. Application and fees. a. An eligible taxpayer seeking historic preservation tax credits provided in section 404A.2 shall make application to the authority in the manner prescribed by the authority. b. The authority may accept applications on a continuous basis or may accept applications, or […]
404A.4 Aggregate tax credit award limit. 1. a. Except as provided in subsections 2 and 3, the authority shall not award in any one fiscal year an amount of tax credits provided in section 404A.2 in excess of forty-five million dollars. b. Of the tax credits that may be awarded in a fiscal year pursuant […]
404A.5 Economic impact — recommendations. 1. The authority, in consultation with the department of revenue, shall be responsible for keeping the general assembly and the legislative services agency informed on the overall economic impact to the state of qualified rehabilitation projects. 2. An annual report shall be filed which shall include but is not limited […]
404A.6 Rules. The authority, department, and the department of revenue shall each adopt rules as necessary for the administration of this chapter. 2014 Acts, ch 1118, §7, 12; 2016 Acts, ch 1109, §32, 35, 36 2016 amendment takes effect August 15, 2016, and applies to qualified rehabilitation projects registered on or after that date; 2016 […]
