Bill Text: IA HF212 | 2015-2016 | 86th General Assembly | Introduced

---

Bill Title: A bill for an act relating to the qualifications of housing projects under the workforce housing tax incentives program and including applicability provisions.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2015-04-21 - Passed subcommittee. [HF212 Detail]

Download: Iowa-2015-HF212-Introduced.html

---

House File 212 - Introduced




                                 HOUSE FILE       
                                 BY  PRICHARD

                                      A BILL FOR

  1 An Act relating to the qualifications of housing projects under
  2    the workforce housing tax incentives program and including
  3    applicability provisions.
  4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
    TLSB 1139YH (2) 86
    mm/sc

PAG LIN



  1  1    Section 1.  Section 15.353, subsection 3, Code 2015, is
  1  2 amended by striking the subsection and inserting in lieu
  1  3 thereof the following:
  1  4    3.  The average dwelling unit cost does not exceed two
  1  5 hundred fifty thousand dollars per dwelling unit.
  1  6    Sec. 2.  APPLICABILITY.  This Act applies to housing projects
  1  7 registered under the workforce housing tax incentives program
  1  8 on or after July 1, 2015.
  1  9                           EXPLANATION
  1 10 The inclusion of this explanation does not constitute agreement with
  1 11 the explanation's substance by the members of the general assembly.
  1 12    This bill modifies the requirements for a housing project
  1 13 to qualify for the workforce housing tax incentives program
  1 14 (program).
  1 15    The program is administered by the economic development
  1 16 authority (EDA) and provides sales and use tax, income tax,
  1 17 and franchise tax incentives for housing projects that create
  1 18 certain dwelling units within the state.  The program's tax
  1 19 incentives cannot exceed $20 million per fiscal year and are
  1 20 part of EDA's annual aggregate tax credit limit in Code section
  1 21 15.119.
  1 22    In order to qualify as a housing project under the program,
  1 23 a housing project's average dwelling unit cost must not exceed
  1 24 $250,000 per dwelling unit if it involves property that also
  1 25 qualifies for the historic preservation and cultural and
  1 26 entertainment district tax credits, and $200,000 per dwelling
  1 27 unit for all other housing projects.
  1 28    The bill increases to $250,000 the maximum average dwelling
  1 29 unit cost for all housing projects to qualify under the
  1 30 program.
  1 31    The bill applies to housing projects registered under the
  1 32 program on or after July 1, 2015.
       LSB 1139YH (2) 86
       mm/sc