Bill Text: IA SF2221 | 2019-2020 | 88th General Assembly | Introduced
Bill Title: A bill for an act relating to the redevelopment tax credit program for brownfields and grayfields and the aggregate tax credit limit for certain economic development programs.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2020-03-09 - Subcommittee Meeting: 03/12/2020 8:45AM RM 315. [SF2221 Detail]
Download: Iowa-2019-SF2221-Introduced.html
Senate
File
2221
-
Introduced
SENATE
FILE
2221
BY
MATHIS
A
BILL
FOR
An
Act
relating
to
the
redevelopment
tax
credit
program
for
1
brownfields
and
grayfields
and
the
aggregate
tax
credit
2
limit
for
certain
economic
development
programs.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
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2221
Section
1.
Section
15.119,
subsection
3,
Code
2020,
is
1
amended
to
read
as
follows:
2
3.
In
allocating
the
amount
of
tax
credits
authorized
3
pursuant
to
subsection
1
among
the
programs
specified
in
4
subsection
2
,
the
authority
shall
not
allocate
more
than
ten
5
twenty
million
dollars
for
purposes
of
subsection
2
,
paragraph
6
“f”
.
7
Sec.
2.
Section
15.293A,
subsection
5,
Code
2020,
is
amended
8
to
read
as
follows:
9
5.
a.
The
maximum
amount
of
a
tax
credit
for
a
qualifying
10
investment
in
any
one
qualifying
redevelopment
project
shall
11
not
exceed
ten
seven
and
one-half
percent
of
the
maximum
amount
12
of
tax
credits
available
in
any
one
fiscal
year
pursuant
to
13
subsection
6
.
14
b.
Forty
percent
of
the
aggregate
amount
of
qualifying
tax
15
credits
authorized
in
any
one
fiscal
year
shall
be
reserved
for
16
redevelopment
projects
where
the
maximum
amount
of
a
tax
credit
17
for
a
qualifying
investment
in
any
one
qualifying
redevelopment
18
project
does
not
exceed
twenty
percent
of
the
overall
project
19
cost.
If
by
September
1
of
a
calendar
year
the
entire
forty
20
percent
of
the
reserved
tax
credits
is
not
distributed,
the
21
remaining
tax
credits
shall
be
available
to
any
other
eligible
22
applicants.
23
EXPLANATION
24
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
25
the
explanation’s
substance
by
the
members
of
the
general
assembly.
26
This
bill
relates
to
the
redevelopment
tax
credit
program
27
for
brownfields
and
grayfields
and
the
aggregate
tax
credit
28
limit
for
certain
economic
development
programs.
29
Currently,
Code
section
15.119(3)
limits
the
maximum
tax
30
credits
allocated
to
the
redevelopment
tax
credit
program
to
31
not
more
than
$10
million
per
fiscal
year.
The
bill
raises
the
32
maximum
tax
credits
allocable
to
the
redevelopment
tax
program
33
to
not
more
than
$20
million
per
fiscal
year.
34
The
bill
also
raises
the
maximum
tax
credit
allowed
for
a
35
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qualifying
investment
in
a
single
redevelopment
project
from
$1
1
million
to
$1.5
million.
2
The
bill
reserves
40
percent
of
the
aggregate
amount
of
3
qualifying
tax
credits
authorized
in
any
one
fiscal
year
for
4
redevelopment
projects
where
the
maximum
amount
of
a
tax
credit
5
for
a
qualifying
investment
in
any
one
qualifying
redevelopment
6
project
does
not
exceed
20
percent
of
the
overall
project
cost.
7
If
by
September
1
of
a
calendar
year
the
entire
40
percent
of
8
the
reserved
tax
credits
is
not
distributed,
the
remaining
tax
9
credits
shall
be
available
to
any
other
eligible
applicants.
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