Iowa Admin. Code r. 261-48.6 - Workforce housing tax incentives
(1)
Eligibility. A housing
business that has entered into an agreement pursuant to rule
261-48.5 (15) is eligible to
receive the tax incentives described in subrules 48.6(2) and 48.6(3).
(2)
Sales tax refunds. A
housing business may claim a refund of the sales and use taxes paid under Iowa
Code chapter 423 that are directly related to a housing project and specified
in the agreement. The refund available pursuant to this subrule shall be as
provided in Iowa Code section
15.331A
to the extent applicable for purposes of this program .
(3)
Income tax credits.
a. A housing business may claim a tax credit
in an amount not to exceed the following:
(1)
For a housing project not located in a small city , 10 percent of the qualifying
new investment of a housing project specified in the agreement.
(2) For a housing project located in a small
city , 20 percent of the qualifying new investment of a housing project
specified in the agreement.
b. The tax credit shall be allowed against
the taxes imposed in Iowa Code chapter 422, subchapters II, III, and V, and in
Iowa Code chapter 432, and against the moneys and credits tax imposed in Iowa
Code section
533.329.
c. To claim a tax credit under this subrule,
a taxpayer shall file a claim with the department of revenue pursuant to the
department's applicable rules.
d.
Tax credit certificates issued under an agreement entered into pursuant to
subrule 48.5(3) may be transferred to any person pursuant to the department's
applicable rules. However, tax credit certificate amounts of less than $1,000
shall not be transferable.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.