Iowa Administrative Code › Agency 223 - Historical Division › Chapter 48 - Historic Preservation and Cultural and Entertainment District Tax Credits › Rule 223-48.2 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
The definitions listed in Iowa Code section
				17A.2 and rules
				223-1.2 (17A,303),
				223-1.6 (303),
				223-13.2 (303),
				223-22.2 (303), and
				223-35.2 (303) shall
				apply to terms as they are used throughout this chapter. In addition, the
				following definitions apply:
"Applicant"
means the person, partnership,
				corporation, qualifying nonprofit organization, or public agency applying for
				the tax credit. In most cases, this will be the entity holding a fee-simple
				interest in the property or any other person or entity recognized by the
				Internal Revenue Code for purposes of the applicable tax benefits. If an
				application is made by someone other than the fee-simple owner, the application
				must be accompanied by a written statement signed by the fee-simple owner
				indicating the fee-simple owner does not object to the applicant claiming the
				tax credit.
"Assessed value "
means the amount of the most
				current property tax assessment.
"Barn"
means an agricultural building or
				structure, in whatever shape or design, which was originally used for the
				storage of farm products or feed or for the housing of farm animals, poultry,
				or farm equipment.
"Commercialproperty"
means a building used in
				a trade or business or held for the production of income.
"Disaster recovery project"
means an eligible
				property located in an area declared a disaster area by the governor of Iowa or
				by the president of the United States. The property must have been physically
				impacted as a result of the disaster.
"Employment base "
means the number of jobs
				that exist at an eligible property on the date part one of the application is
				approved.
"Historic tax credit(s) "
means the historic
				preservation and cultural and entertainment district tax credit established in
				Iowa Code chapter 404A.
"Mixed-use property"
means an eligible
				property that includes three or more residential units and may also contain a
				commercial property component in the same building.
"New permanent jobs"
means the number of new
				jobs that exist at an eligible property within two years of the date on which
				the tax credit certificate is issued. New permanent jobs are calculated as
				those over and above the employment base.
"Noncommercial property"
means a building not
				used for a commercial purpose as defined herein.
"Placed in service"
means the same as used in
				Section 47 of the Internal Revenue Code.
"Qualifying nonprofit organization"
means an
				organization, other than governmental bodies, described in Section 501 of the
				Internal Revenue Code unless the exemption is denied under Section 501, 502,
				503 or 504 of the Internal Revenue Code.
"Rehabilitation period"
means the period of
				time during which an eligible property is rehabilitated commencing from the
				date on which the first qualified rehabilitation cost is incurred and ending
				with the end of the taxable year in which the property is placed in
				service.
"Reserved tax credit"
means the amount of tax
				credits set aside from the available tax credit fund for an approved
				project.
"Residentialproperty "
means a building with
				two or fewer residential units, with each unit providing complete, independent
				living facilities for one or more persons, including permanent provisions for
				living, sleeping, eating, cooking, and sanitation.
"Standards"
means the Standards for
				Rehabilitation as described in the U.S. Secretary of the Interior's Standards
				for the Treatment of Historic Properties.
"Substantial rehabilitation "
means qualified
				rehabilitation costs that meet or exceed the following:
(1) in the case of commercial property, costs
			 totaling at least 50 percent of the assessed value of the property, excluding
			 the land, prior to the rehabilitation or at least $50,000, whichever is less;
			 or
(2) in the case of
			 noncommercial property, costs totaling at least $25,000 or 25 percent of the
			 assessed value, excluding the land, prior to rehabilitation, whichever is
			 less.
"Tax basis"
means the same as defined in
				department of revenue 701-subrule 42.15(3).
"Tax credit year "
means the tax year in which
				a tax credit certificate holder is eligible to redeem a tax credit certificate
				based on the availability of tax credits for an eligible
				project.