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 261-49.5 - Historic Preservation and Cultural and Entertainment District Tax Credit

(1) Tax credit. An eligible taxpayer who has entered into and complied with an agreement under Iowa Code section 404A3(3). and has complied with the program statutes and rules is eligible to claim a historic tax credit of 25 percent of the qualified rehabilitation expenditures of a qualified rehabilitation project that are specified in the agreement. Notwithstanding any other provision in Iowa Code chapter 404A, this chapter, or any provision in the agreement to the contrary, the amount of the tax credit shall not exceed 25 percent of the final qualified rehabilitation expenditures verified by the authority pursuant to Iowa Code section 404A3(5)."c."

(2) Who may claim the credit. The tax credit shall be allowed against the taxes imposed in Iowa Code chapter 422, divisions II, III, and V, and in Iowa Code chapter 432. An individual may claim a tax credit under this rule of a partnership, limited liability company, S corporation, estate, or trust electing to have income taxed directly to the individual. For an individual claiming a tax credit of an estate or trust, the amount claimed by the individual shall be based upon the pro rata share of the individual's earnings from the estate or trust. For an individual claiming a tax credit of a partnership, limited liability company, or S corporation, the amount claimed by the partner, member, or shareholder, respectively, shall be based upon the amounts designated by the eligible partnership, S corporation, or limited liability company, as applicable.

(3) Transferability. Tax credit certificates issued under Iowa Code section 404A3. may be transferred to any person. For information on transfer of tax credits under this program, see department of revenue rules 701-42.55 (404A,422), 701-52.48 (404A,422), and 701-58.10(404A,422).

(4) Refundability and carryforward. An eligible taxpayer or a transferee may elect to receive either a refundable or a nonrefundable tax credit. For information on refundable and nonrefundable tax credits, including the carryforward of nonrefundable tax credits, see department of revenue rules 701-42.55 (404A,422), 701-52.48 (404A,422), and 701-58.10(404A,422).

(5) How to claim the tax credit. For information on how to claim the tax credit, see department of revenue rules 701-42.55 (404A,422), 701-52.48 (404A,422), and 701-58.10(404A,422).