Dems: Improved historic tax credits will revitalize more communities

April 26, 2016
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Iowa’s popular Historic Preservation Tax Credit Program helps rehabilitate historic buildings and revitalize communities throughout the state. It has successfully transformed big and small communities alike. In the last few years, however, legislators have heard about problems with the program, including rule changes and the timeliness of issuing tax credits.

 

To help, the Iowa Senate unanimously approved changes to the program. House File 2443, as amended by the Senate, moves administration of Historic Preservation Tax Credits from the Department of Cultural Affairs to the Iowa Economic Development Authority. The Department of Cultural Affairs will continue to help with historic compliance of buildings. The bill also clarifies the refundability and the carryforward of the tax credit, and allows the Economic Development Authority to provide guidance on the examinations required of each project.

 

House File 2443 makes the improvements needed to get projects moving again, while ensuring taxpayer dollars are properly put to use.

 

For more information on Iowa’s Historic Preservation Tax Credit Program, go to https://iowaculture.gov/history/preservation/tax-incentives/state-tax-credit.

 

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