1.
a.Except as provided in subsections 2, 3, and 4, the authority shall not award in any
one fiscal year an amount of tax credits provided in section 404A.2 in excess of forty-five
million dollars.
b.Of the tax credits that may be awarded in a fiscal year pursuant to paragraph “a”, at
least five percent of the dollar amount of the tax credits shall be allocated for purposes of
new qualified rehabilitation projects with final qualified rehabilitation expenditures of seven
hundred fifty thousand dollars or less.
7 HISTORIC PRESERVATION TAX CREDIT, §404A.5
2.
a.The amount of a tax credit that is awarded during a fiscal year beginning on or after
July 1, 2016, and that is irrevocably declined or revoked on or before June 30 of the next fiscal
year may be awarded under section 404A.3 during
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1. a. Except as provided in subsections 2, 3, and 4, the authority shall not award in any
one fiscal year an amount of tax credits provided in section 404A.2 in excess of forty-five
million dollars.
b. Of the tax credits that may be awarded in a fiscal year pursuant to paragraph “a”, at
least five percent of the dollar amount of the tax credits shall be allocated for purposes of
new qualified rehabilitation projects with final qualified rehabilitation expenditures of seven
hundred fifty thousand dollars or less.
7 HISTORIC PRESERVATION TAX CREDIT, §404A.5
2. a. The amount of a tax credit that is awarded during a fiscal year beginning on or after
July 1, 2016, and that is irrevocably declined or revoked on or before June 30 of the next fiscal
year may be awarded under section 404A.3 during the fiscal year in which the declination or
revocation occurs.
b. TheamountofataxcreditthatwasreservedpriortoJuly1, 2014, undersection404A.4,
Code 2014, for use in a fiscal year beginning before July 1, 2016, that is irrevocably declined
or revoked on or after July 1, 2014, but before July 1, 2016, may be awarded under section
404A.3 during the fiscal year in which such declination or revocation occurs. Such tax credits
awarded shall not be claimed by a taxpayer in a fiscal year that is earlier than the fiscal year
for which the tax credits were originally reserved.
c. The amount of a tax credit that was available for approval by the state historical
preservation office of the former department of cultural affairs under section 404A.4, Code
2014, in a fiscal year beginning on or after July 1, 2010, but before July 1, 2014, that was
required to be allocated to new projects with final qualified rehabilitation costs of five
hundred thousand dollars or less, or seven hundred fifty thousand dollars or less, as the case
may be, and that was not finally approved by the state historical preservation office, may
be awarded under section 404A.3 during the fiscal years beginning on or after July 1, 2014,
but before July 1, 2016.
d. Tax credits awarded pursuant to this subsection shall not be considered for purposes
of calculating the aggregate tax credit award limit in subsection 1.
3. a. If during the fiscal year beginning July 1, 2016, or any fiscal year thereafter, the
authority awards an amount of tax credits that is less than the maximum aggregate tax credit
award limit specified in subsection 1, the difference between the amount so awarded and
the amount specified in subsection 1, not to exceed ten percent of the amount specified in
subsection 1, may be carried forward to the succeeding fiscal year and awarded during that
fiscal year.
b. Tax credits awarded pursuant to this subsection shall not be considered for purposes
of calculating the aggregate tax credit award limit in subsection 1.
4. a. If, during the fiscal year beginning July 1, 2025, or any fiscal year thereafter,
the authority receives an application for a qualified rehabilitation project with qualified
rehabilitation expenditures that, if registered by the authority, makes the eligible taxpayer
eligible for tax credits of ten million dollars or more, the authority may award tax credits
during the fiscal year in which the application is received in an amount not to exceed twenty
percent more than the maximum aggregate tax credit award limit specified in subsection 1.
b. Tax credits awarded pursuant to this subsection shall be considered for purposes of
calculating the maximum aggregate tax credits awarded pursuant to subsection 1 in the
immediately succeeding fiscal year.