Iowa Administrative Code › Agency 261 - Economic Development Authority › Part III - Community Development Division › Chapter 49 - Historic Preservation and Cultural and Entertainment District Tax Credits › Rule 261-49.3 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
The definitions listed in rules
				  223-12. (17A,303) and
				  223-35.2(303) shall apply to terms as they are used throughout this chapter. In
				  addition, for purposes of this chapter, unless the context otherwise
				  requires:
"Agreement"
means an agreement between an
				  eligible taxpayer and the authority concerning a qualified rehabilitation
				  project as provided in Iowa Code section
				  404A3(3).
				  and rule 261-49.14(404A).
"Applicant"
means an eligible taxpayer
				  described in rule 261-49.9 (404A).
"Assessed value"
means the value of the
				  eligible property on the most current property tax assessment at the time that
				  the relevant application or agreement is submitted or the agreement is signed,
				  as applicable.
"Authority"
means the economic development
				  authority.
"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.
"Certificate"
means a historic preservation
				  and cultural and entertainment district tax credit certificate issued pursuant
				  to Iowa Code section
				  404A3(5)..
"Commencement date "
means the date set
				  forth in the agreement, which date shall not be later than the end of the
				  fiscal year in which the agreement is entered into.
"Commercial property"
means property
				  classified as commercial, industrial, railroad, utility, or multiresidential
				  for property tax purposes under rules
				  701-711.
				  (405,427A,428,441,499B), 701-76.1(434), and
				  701-771.
				  (428,433,437,438).
"Completion date "
means the date on which
				  property that is the subject of a qualified rehabilitation project is placed in
				  service, as that term is used in Section 47 of the Internal Revenue
				  Code.
"Department"
means the department of
				  cultural affairs.
"Director "
means the director of the
				  economic development authority.
"Eligible taxpayer"
means the fee simple
				  owner of the property that is the subject of a qualified rehabilitation
				  project, or another person who will qualify for the federal rehabilitation
				  credit allowed under Section 47 of the Internal Revenue Code with respect to
				  the property that is the subject of a qualified rehabilitation project.
"Federal rehabilitation credit"
or
"federal credit"
means the tax credit allowed under Section
				  47 of the Internal Revenue Code.
"Federal standards "
means the U.S.
				  Secretary of the Interior's standards for rehabilitation set forth in
				  36 CFR Section
				  677..
"Government funding"
or
"funding
				  originating from a government"
includes but is not limited to:
1. Any funding the applicant received from a government;
				  or
2. Funding from a third party or a series of third parties
				  where those funds originally came from a government or were derived from a
				  government payment, grant, loan, tax credit or rebate or other government
				  incentive; or
3. Funding from a third party or a series of third parties
				  where those funds are derived from, secured by, or otherwise received in
				  anticipation of a government payment, grant, loan, tax credit or rebate or
				  other government incentive.
"Historically significant"
means a property
				  that is at least one of the following:
1. Property listed on the National Register of Historic
				  Places or eligible for such listing.
2. Property designated as contributing to a district listed
				  in the National Register of Historic Places or eligible for such
				  designation.
3. Property or district designated a local landmark by a city
				  or county ordinance.
4. A barn constructed prior to 1937.
"Large project"
means a qualified
				  rehabilitation project with estimated final qualified rehabilitation
				  expenditures of more than $750,000.
"Noncommercial property"
means property
				  other than "commercial property" as defined in this rule. "Noncommercial
				  property" includes barns constructed prior to 1937.
"Nonprofit organization "
means an
				  organization 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. "Nonprofit organization" does not include a governmental body, as that
				  term is defined in Iowa Code section
				  3622..
"Placed in service "
means the same as used
				  in Section 47 of the Internal Revenue Code.
"Program"
means the historic preservation
				  and cultural and entertainment district tax credit program set forth in this
				  chapter.
"Property"
means the real property that is
				  the subject of a "qualified rehabilitation project" or that is the subject of
				  an application to become a qualified rehabilitation project.
"Qualified rehabilitation expenditures "
or
"QREs "
means expenditures that meet the definition of
				  "qualified rehabilitation expenditures" in Section 47 of the Internal Revenue
				  Code and as described in rule 261-49.4 (404A).
"Qualified rehabilitation project"
or
"project"
means a project for the rehabilitation of property
				  in this state that meets all of the following criteria:
1. The property is historically significant as defined in
				  this rule.
2. The property meets the federal standards as defined in
				  this rule.
3. The project is a substantial rehabilitation as defined in
				  this rule.
"Related entities "
means any entity owned
				  or controlled in whole or in part by the applicant; any person or entity that
				  owns or controls in whole or in part the applicant; or any entity owned or
				  controlled in whole or in part by any current or prospective officer,
				  principal, director, or owner of the applicant.
"Related persons"
means any current or
				  prospective officer, principal, director, member, shareholder, partner, or
				  owner of the applicant.
"SHPO "
means the state historic
				  preservation office at the department of cultural affairs.
"Small project"
means a qualified
				  rehabilitation project with estimated final qualified rehabilitation
				  expenditures of $750,000 or less.
"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 credit"
or
"historic tax
				  credit"
means the historic preservation and cultural and entertainment
				  district tax credit established in Iowa Code chapter 404A.