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Iowa Lawmakers Back Rehab Tax Credit
DES MOINES, Iowa (AP) — A proposal to increase funding for tax credits that go to the restoration of historic buildings has won final approval in the state legislature.
The bill won final Senate backing Wednesday and will now move to Gov. Terry Branstad.
The program, started in 2000, offers property owners or developers tax credits for 25 percent of qualifying rehabilitation costs in eligible historic buildings.
Currently the state approves up to $45 million in credits in a fiscal year. Under this legislation, that number would increase to $60 million annually for the next three years, before dropping to $50 million annually.
A spokesman for Branstad said he would review the legislation before deciding whether to sign it into law.