Iowa Administrative Code › Agency 223 - Historical Division › Chapter 48 - Historic Preservation and Cultural and Entertainment District Tax Credits › Rule 223-48.7 - Tax Credit Funds

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
The
			 small projects fund.
The SHPO shall reserve 10 percent of the tax
			 credit allocation for any tax credit year in a small projects fund for projects
			 with final qualified rehabilitation costs totaling $750,000 or less.
If the small projects fund is fully reserved, any applications
				for small projects received after full reservation of the small projects fund
				may be eligible for the statewide fund.
(2)
The cultural and entertainment
			 district and great places fund.
The SHPO shall reserve 30 percent of
			 the tax credit allocation for any tax credit year in a cultural and
			 entertainment district and great places project (CED-GP) fund for projects
			 located in cultural and entertainment districts certified in accordance with
			 Iowa Code section
			 303.3B
			 or for projects identified in Iowa great places agreements developed in
			 accordance with Iowa Code section
			 303.3C.
(3)
The disaster recovery
			 fund.
The SHPO shall reserve 20 percent of the tax credit allocation
			 for any tax credit year in a disaster recovery fund for projects located in an
			 area declared a disaster area by the governor of Iowa or by the president of
			 the United States. The eligible property must have been physically impacted as
			 a result of the natural disaster as documented in accordance with the current
			 state fiscal year's forms and instructions. The initial application for the
			 project must be submitted within the time frame provided by subrule
			 48.6(9).
(4)
The new
			 permanent jobs fund.
The SHPO shall reserve 20 percent of the tax
			 credit allocation for any tax credit year in a new permanent jobs fund for
			 projects that involve the creation of more than 500 new permanent jobs within
			 two years of the date on which the tax credit certificate is issued.
(5)
The statewide fund.
The
			 SHPO shall reserve the remaining percentage of the tax credit allocation for
			 any tax year in a statewide fund, which is to be used for eligible projects
			 throughout the state of Iowa. If the statewide fund is fully reserved before
			 the end of the state fiscal year, subsequent applications will be accepted
			 utilizing the procedures in rule
			 223-48.8
			 (303,404A).
(6)
Fund
			 selection.
Part two of the application shall clearly indicate the fund
			 for which the applicant is applying. Only one fund may be selected. Any
			 applications not indicating a specific fund shall be considered for the
			 statewide fund. If an application is not eligible for the fund selected, it
			 shall be considered for the statewide fund.
(7)
Disposition of unreserved
			 credits.
In reference to the new permanent jobs fund, CED-GP fund, and
			 disaster recovery fund, at the end of the filing window in any fiscal year, any
			 tax credits that have not been reserved will be reallocated in the same fiscal
			 year as follows:
a. Unreserved CED-GP fund and
			 new permanent jobs fund credits will be reallocated to the disaster recovery
			 fund.
b. Unreserved disaster
			 recovery fund credits will be reallocated to the statewide fund.
c. For purposes of this subrule, the phrase
			 "in any fiscal year" refers to each of the three fiscal years for which credits
			 may be reserved pursuant to Iowa Code section
			 404A.4(5).