Bill Expanding Iowa Workforce Housing Tax Credit Program Goes to Governor’s Desk
The Iowa House of Representatives this week passed legislation that would expand the state workforce housing tax incentive program sending the bill to Gov. Kim Reynolds’ desk for final approval. S.F. 619 would increase the workforce housing tax incentive program annual cap to$35 million, of which $12 million must be reserved to properties in small cities during the fiscal year of July 1, 2021, through June 30, 2022. The state allocating agency would be empowered to establish a disaster recovery application period after a presidentially declared disaster. The credit would sunset June 30, 2031.
May 28: Corrects earlier version.
The Novogradac Introduction to Low-Income Housing Tax Credits booklet includes the basics of the LIHTC incentive, including how the state and federal credits interact.