Only an eligible taxpayer may apply for the tax credit. To
be an eligible taxpayer, the applicant must be either (1) the fee simple owner
or (2) a person that will ultimately qualify for the federal rehabilitation
credit with respect to the qualified rehabilitation project. A nonprofit
organization as described in rule
223-48.22 (404A) may apply for
the tax credit if the nonprofit organization is the fee simple owner of the
property.
(1)
Applicants that
are fee simple owners. If the applicant qualifies as an eligible
taxpayer on the basis that the applicant is the fee simple owner of the
property, the applicant will be expected to provide proof of title as described
in subrule 48.28(2).
(2)
Applicants that will qualify for the federal credit. If the
applicant qualifies as an eligible taxpayer on the basis that the applicant
will qualify for the federal rehabilitation credit with regard to the property,
the applicant will be asked to provide increasingly substantial evidence as
described in rule
223-48.30 (404A) that the
applicant will qualify for the federal credit, culminating with proof of actual
fee simple ownership or a long-term lease that meets the requirements of the
federal rehabilitation credit before the agreement is entered into with the
department. Applicants that are eligible to apply under this subrule must
obtain from the fee simple owner of the property a written statement which
indicates that the owner is aware of the application and has no objection and
include the statement with the application.
(3)
Who may not apply.
Government bodies as defined in Iowa Code section
362.2 may not apply.
Additionally, an applicant may not initiate the application process to apply
for tax credits by submitting a Part 1 application on a project if all of the
work has been completed and the qualified rehabilitation project has already
been placed in service.
This rule is intended to implement Iowa Code sections
404A.1 and
404A.3 as amended by 2014 Iowa
Acts, House File 2453.
Notes
Iowa Code r. 223-48.27
ARC 1970C,
IAB 4/15/15, effective 5/20/15
Adopted
by
IAB
April 15, 2015/Volume XXXVII, Number 21, effective
5/20/2015
