Historic Pr Legislative bill increase rehab tax credits
Planning Services Department
City Hall
50 West 13th Street
Dubuque, Iowa 52001-4864
(563) 589-4210 office
(563) 589-4221 fax
(563) 690-6678 IDD
planning@cityofdubuque.org
www.cityofdubuque.org
D~O~~E
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February 28, 2004
The Honorable Mayor and City Council
City of Dubuque
50 W.13th Street
Dubuque, IA 52001
RE: Proposed Bill Increasing State Property Rehabilitation Tax Credits
Dear Mayor and City Council Members:
INTRODUCTION
Representative Pam Jochum of Dubuque provided Historic Preservation Commission
member Christine Olson with the attached bill at the Cultural Caucus in Des Moines on
February 9, 2005. The bill would increase the amount of state property rehabilitation tax
credits that can be approved in a fiscal year from $2 million to $20 million.
DISCUSSION
The Commission discussed the proposed bill and noted that communication should
come from the City Council to the State Legislators. They noted that Dubuque has
taken advantage of many of these tax credit projects for rehabilitation.
RECOMMENDATION
By a vote of 8 to 0, the Historic Preservation Commission respectfully requests that the
City Council send notification to the State Legislatures in support of any funding for
historic preservation.
Sincerely,
~i& ~ I~
David Stuart, Chairperson
Historic Preservation Commission
Attachments
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1 An Act relating to the increase in the amount of property
2 rehabilitation tax credits authorized for approval for a
3 fiscal year and including effective and applicability date
4 provisions.
5 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
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SiONSOR'S CO?t
Passed House,
Vote: Ayes
Date
Nays
Approved
HOUSE FILE
BY JOCHUM
Passed Senate, Date
Vote: Ayes Nays
A BILL FOR
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1 Section 1. Section 404A.4, subsection 4, Code 2005, is
2 amended to read as follows:
3 4. The total amount of tax credits that may be approved
4 for a fiscal year under this chapter shall not exceed two
5 twenty million ro~r-h~ftdred-tho~saftd dollars. For the fiscal
6 years beginning July 1, 2005, and July 1, 2006, an additional
7 five hundred thousand dollars of tax credits may be approved
8 each fiscal year for purposes of projects located in cultural
9 and entertainment districts certified pursuant to section
10 303.3B. Any of the additional tax credits allocated for
11 projects located in certified cultural and entertainment
12 districts that are not approved during a fiscal year may be
13 carried over to the succeeding fiscal year. The department of
14 cultural affairs shall dedicate for each fiscal year at least
15 two million dollars in tax credits for awarding to
16 rehabilitation projects with total project costs of under two
17 hundred thousand dollars. The department of cultural affairs
18 shall establish by rule the procedures for the application,
19 review, selection, and awarding of certifications of
20 completion. The departments of economic development, cultural
21 affairs, and revenue shall each adopt rules to jointly
22 administer this subsection and shall provide by rule for the
23 method to be used to determine for which fiscal year the tax
24 credits are available.
2S Sec. 2. EFFECTIVE AND APPLICABILITY DATES. This Act,
26 being deemed of immediate importance, takes effect upon
27 enactment and applies to fiscal years beginning on or after
28 the July 1 following the effective date.
29 EXPLANATION
30 This bill increases the amount of property rehabilitation
31 tax credits that may be authorized in a fiscal year from $2.4
32 million to $20 million. In addition, the bill requires that
33 at least $2 million of the tax credits be dedicated for
34 awarding to projects under $200,000.
3S The bill takes effect upon enactment and applies to fiscal
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1 years beginning on or after the July 1 following the effective
2 date.
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