Bill Text: IA HF2500 | 2017-2018 | 87th General Assembly | Enrolled

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Bill Title: A bill for an act relating to the workforce housing tax incentives program by providing for limited extensions of completion deadlines for housing projects, and including applicability provisions. (Formerly HSB 696.) Effective 7-1-18.

Sponsorship: Committee Bill

Status: (Passed) 2018-05-16 - Signed by Governor. H.J. 998. [HF2500 Detail]

Download: Iowa-2017-HF2500-Enrolled.html

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House File 2500 - Enrolled




                              HOUSE FILE       
                              BY  COMMITTEE ON WAYS AND
                                  MEANS

                              (SUCCESSOR TO HSB 696)
 \5
                                   A BILL FOR
 \1
                                        House File 2500

                             AN ACT
 RELATING TO THE WORKFORCE HOUSING TAX INCENTIVES
    PROGRAM BY PROVIDING FOR LIMITED EXTENSIONS OF COMPLETION
    DEADLINES FOR HOUSING PROJECTS, AND INCLUDING APPLICABILITY
    PROVISIONS.

 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
    Section 1.  Section 15.354, subsection 3, paragraph c, Code
 2018, is amended to read as follows:
    c.  (1)  A Except as provided in subparagraph (2), a housing
 business shall complete its housing project within three
 years from the date the housing project is registered by the
 authority.
    (2)  The authority may for good cause within the discretion
 of the authority extend a housing project's completion
 deadline once by up to twelve months upon application by
 the housing business, which application shall be made prior
 to the expiration of the three=year completion deadline in
 subparagraph (1) in the manner and form prescribed by the
 authority.
    Sec. 2.  EXTENSION APPLICATIONS MADE PRIOR TO AUGUST 1,
 2018.  Notwithstanding section 15.354, subsection 3, paragraph
 "c", subparagraph (2), as enacted in this Act, which requires
 that a housing business make a housing project completion
 deadline extension application prior to the expiration of the
 housing project's three=year completion deadline, a written
 request by a housing business to extend a housing project's
 completion deadline shall be considered a timely application
 under section 15.354, subsection 3, paragraph "c", subparagraph
 (2), if the written request is received by the economic
 development authority prior to August 1, 2018, and if the
 housing business provides any additional information requested
 by the economic development authority.
    Sec. 3.  APPLICABILITY.  This Act applies to housing projects
 registered by the economic development authority under the
 workforce housing tax incentives program prior to, on, or after
 July 1, 2018.


                                                                                            LINDA UPMEYER


                                                                                            CHARLES SCHNEIDE


                                                                                            CARMINE BOAL


                                                                                            KIM REYNOLDS

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