Bill Text: IA SF2162 | 2011-2012 | 84th General Assembly | Introduced
Bill Title: A bill for an act relating to the state housing credit ceiling allocation and including effective date and retroactive applicability provisions.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Introduced - Dead) 2012-02-23 - Subcommittee reassigned, Sodders, Bertrand, and Mathis. S.J. 331. [SF2162 Detail]
Download: Iowa-2011-SF2162-Introduced.html
Senate
File
2162
-
Introduced
SENATE
FILE
2162
BY
ANDERSON
and
BERTRAND
(COMPANION
TO
LSB
5533HH
BY
PETTENGILL)
A
BILL
FOR
An
Act
relating
to
the
state
housing
credit
ceiling
allocation
1
and
including
effective
date
and
retroactive
applicability
2
provisions.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
TLSB
5533XS
(4)
84
mm/sc
S.F.
2162
Section
1.
Section
16.52,
Code
2011,
is
amended
by
adding
1
the
following
new
subsection:
2
NEW
SUBSECTION
.
2A.
In
the
event
the
authority
considers
3
local
government
contributions
as
a
factor
in
adopting
and
4
applying
the
allocation
rules
pursuant
to
subsection
2,
the
5
authority
shall
consider
the
value
of
a
tax
exemption
provided
6
by
a
city
or
county,
or
an
agency,
department,
or
similar
7
subunit
thereof,
to
be
a
local
government
contribution.
8
Sec.
2.
EFFECTIVE
UPON
ENACTMENT.
This
Act,
being
deemed
of
9
immediate
importance,
takes
effect
upon
enactment.
10
Sec.
3.
RETROACTIVE
APPLICABILITY.
This
Act
applies
11
retroactively
to
January
1,
2012.
12
EXPLANATION
13
This
bill
applies
to
the
low-income
housing
tax
credit
14
program
administered
through
the
Iowa
finance
authority
15
pursuant
to
Code
section
16.52.
16
The
Iowa
finance
authority
is
required
to
adopt
rules
17
and
allocation
procedures
for
the
allocation
of
the
federal
18
low-income
housing
tax
credits
based
on
several
factors
listed
19
in
Code
section
16.52.
The
Iowa
finance
authority
incorporates
20
the
factors
into
a
qualified
allocation
plan,
which
it
then
21
uses
to
analyze
and
score
applications
for
the
tax
credit.
22
Under
the
current
qualified
allocation
plan,
the
Iowa
23
finance
authority
considers
local
government
contributions
24
as
one
of
its
scoring
factors
relating
to
the
location
of
25
the
proposed
housing
project,
but
does
not
consider
the
26
value
of
a
tax
exemption
provided
by
a
city
or
county,
27
or
an
agency,
department,
or
similar
subunit
thereof,
to
28
be
a
local
government
contribution.
The
bill
amends
Code
29
section
16.52
to
provide
that
if
the
Iowa
finance
authority
30
considers
local
government
contributions
in
adopting
and
31
applying
its
allocation
rules,
it
shall
consider
the
value
32
of
a
tax
exemption
provided
by
a
city
or
county,
or
an
33
agency,
department,
or
similar
subunit
thereof,
to
be
a
local
34
government
contribution.
35
-1-
LSB
5533XS
(4)
84
mm/sc
1/
2
