NEW LAW MODIFIES IOWAS HISTORIC TAX CREDIT
Iowa Gov. Terry Branstad yesterday signed into law Senate File 436, which modifies the rules for the state historic tax credit to make the program easier to use and expand eligibility. The new law expands the threshold for commercial rehabilitations to allow rehabilitation costs to be equal to 50 percent of the property's assessed value or $50,000, whichever is less, to qualify for the Iowa HTC. The law also creates an optional 12-month extension on the completion deadline for rehabilitation projects that incur more than 50 percent of anticipated rehabilitation cost within 60 months of application approval.