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Iowa Economic Development Authority Releases State HTC Progress Report for 2020
The Iowa Economic Development Authority (IEDA) in May released its Historic Preservation Tax Credit Program 2020 Progress Report. Created in 2000, the Iowa historic tax credit (HTC) provides a state tax credit equal to 25% of a development’s qualified rehabilitation expenditures. The annual report on Iowa’s HTC includes information on awards and claims made under the program, the liability to the state and the potential impact on local property taxes as a result of completed projects. This report includes data from July 1, 2019, through June 30, 2020. During that period, IEDA registered 33 projects for tax credits and allocated $44.4 million in tax credits, and IEDA and the Iowa Department of Cultural Affairs issued tax credits for 49 projects totaling $32.9 million, including tax credits issued for reserved projects. The report says that the program continues to experience high demand and that, based on feedback and interest from communities and developers, IEDA anticipates this demand will continue in 2021.
For guidance on tax, compliance and structuring issues for HTC developments, contact a Novogradac partner near you.