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 261-49.1 - Purpose

Universal Citation: IA Admin Code 261-49.1
Current through Register Vol. 47, No. 6, September 18, 2024

A historic preservation and cultural and entertainment district tax credit may be applied against the income tax imposed under Iowa Code chapter 422, division II, III, or V, or Iowa Code chapter 432 for qualified rehabilitation projects that have entered into and complied with an agreement with the economic development authority (hereinafter referred to as "the authority") and complied with all applicable terms, laws, and rules. The program is administered by the authority with the assistance of the department of cultural affairs and the department of revenue. The general assembly has mandated that the authority, the department of cultural affairs and the department of revenue adopt rules to jointly administer Iowa Code chapter 404A. In general, the department of cultural affairs reviews historic preservation issues and evaluates whether projects comply with the prescribed historic standards for rehabilitation. Once the historical significance and description of rehabilitation have been approved, the authority enters into an agreement with the eligible taxpayer and issues a tax credit upon completion of all program requirements and verification of qualified rehabilitation expenditures. The department of revenue is responsible for administering tax credit transfers and processing tax credit claims. This chapter sets forth the administration of the program by the authority. The administrative rules for the department of cultural affairs' administration of the program can be found in rules 223-48.22(404A) through 223-4837. (303,404A). The administrative rules for the department of revenue's administration of the program may be found in rules 701-42.19(404A), 701-42.55 (404A,422), 701-52.48 (404A,422), and 701-58.10(404A,422).

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