Iowa Administrative Code
Agency 223 - Historical Division
Chapter 48 - Historic Preservation and Cultural and Entertainment District Tax Credits
Rule 223-48.4 - Qualified and Nonqualified Rehabilitation Costs
Universal Citation: IA Admin Code 223-48.4
Current through Register Vol. 47, No. 6, September 18, 2024
(1) "Qualified rehabilitation costs" means expenditures made for the rehabilitation of eligible property and includes qualified rehabilitation expenditures as defined in Section 47 of the Internal Revenue Code.
a. Qualified rehabilitation
costs include amounts if they are properly includable in computing the basis
for tax purposes of the eligible property.
b. Amounts treated as an expense and deducted
in the tax year in which they are paid or incurred and amounts that are
otherwise not added to the basis for tax purposes of the eligible property are
not qualified rehabilitation costs.
c. Amounts incurred for architectural and
engineering fees, site survey fees, legal expenses, insurance premiums,
development fees, and other construction-related costs are qualified
rehabilitation costs to the extent they are added to the basis for tax purposes
of the eligible property.
d. Costs
of sidewalks, parking lots, and landscaping do not constitute qualified
rehabilitation costs.
(2) Any submission of part three of the application with qualified rehabilitation costs of more than $750,000 shall include a certified statement by a certified public accountant verifying that the expenses statement includes only qualified rehabilitation costs incurred in the time period established in subrule 48.5(2).
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