Iowa Admin. Code r. 223-48.9 - Reserved tax credits
(1) Upon
written approval of part two of the project application, the SHPO shall reserve
an estimated tax credit under the name of the applicant (s) in an amount equal
to 25 percent of the estimated qualified rehabilitation costs for the earliest
year in which tax credits are available.
(2) If the amount of estimated qualified
rehabilitation costs changes during the course of project implementation, the
applicant may include those costs in part three of the application.
(3) The SHPO shall not reserve tax credits
for more than two state fiscal years beyond the current state fiscal
year.
(4) Of the amount of tax
credits that may be reserved in state fiscal years 2010,2011, and 2012:
a. For state fiscal year 2010, SHPO will not
reserve more than $20 million worth of tax credits that can be claimed on a tax
return for a taxable year beginning on or after January 1, 2009. SHPO will not
reserve more than $30 million worth of tax credits that can be claimed on a tax
return for a taxable year beginning on or after January 1, 2010.
b. For state fiscal year 2011, SHPO will not
reserve more than $20 million worth of tax credits that can be claimed on a tax
return for a taxable year beginning on or after January 1, 2010. SHPO will not
reserve more than $30 million worth of tax credits that can be claimed on a tax
return for a taxable year beginning on or after January 1, 2011.
c. For state fiscal year 2012, SHPO will not
reserve more than $20 million worth of tax credits that can be claimed on a tax
return for a taxable year beginning on or after January 1, 2011. SHPO will not
reserve more than $30 million worth of tax credits that can be claimed on a tax
return for a taxable year beginning on or after January 1, 2012.
(5) Notwithstanding the foregoing,
no credits will be reserved under this rule on or after July 1, 2014.
Notes
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