Bill Text: IA SF436 | 2013-2014 | 85th General Assembly | Enrolled
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Bill Title: A bill for an act 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. (Formerly SSB 1240.) Various effective dates; see section 4 of bill.
Spectrum: Committee Bill
Status: (Passed) 2013-12-31 - END OF 2013 ACTIONS [SF436 Detail]
Download: Iowa-2013-SF436-Enrolled.html
Bill Title: A bill for an act 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. (Formerly SSB 1240.) Various effective dates; see section 4 of bill.
Spectrum: Committee Bill
Status: (Passed) 2013-12-31 - END OF 2013 ACTIONS [SF436 Detail]
Download: Iowa-2013-SF436-Enrolled.html
Senate
File
436
AN
ACT
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:
Section
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
least
fifty
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
barns
other
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.
Sec.
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
within
either
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
.
Sec.
3.
Section
404A.4,
subsection
4,
paragraph
b,
Senate
File
436,
p.
2
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
five
seven
hundred
fifty
thousand
dollars
or
less.
Sec.
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.
Sec.
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:
1.
The
section
of
this
Act
amending
section
404A.3.
______________________________
PAM
JOCHUM
President
of
the
Senate
______________________________
KRAIG
PAULSEN
Speaker
of
the
House
I
hereby
certify
that
this
bill
originated
in
the
Senate
and
is
known
as
Senate
File
436,
Eighty-fifth
General
Assembly.
______________________________
MICHAEL
E.
MARSHALL
Secretary
of
the
Senate
Approved
_______________,
2013
______________________________
TERRY
E.
BRANSTAD
Governor
