Iowa Admin. Code r. 261-48.11

Current through Register Vol. 47, No. 6, September 18, 2024

Rule 261-48.11 - Disaster recovery housing tax incentives

(1)Eligibility. A housing business that has entered into an agreement with the authority for the successful completion of program requirements pursuant to rule 261-48.10 (15) is eligible to receive the tax incentives described in subrules 48.11(2) and 48.11(3).

(2)Sales tax refunds. A housing business may claim a refund of the sales and use taxes paid under Iowa Code chapter 423 that are directly related to a disaster recovery housing project. The refund available pursuant to this subrule shall be as provided in Iowa Code section 15.331A to the extent applicable for purposes of the disaster recovery housing program.

(3)Income tax credits.

a. For a disaster recovery housing project, a housing business may claim a tax credit in an amount not to exceed 20 percent of the qualifying new investment of a disaster recovery housing project.

b. The tax credit shall be allowed against the taxes imposed in Iowa Code chapter 422, subchapters II, III, and V, and in Iowa Code chapter 432, and against the moneys and credits tax imposed in Iowa Code section 533.329.

c. To claim a tax credit under this subrule, a taxpayer shall file a claim with the department of revenue pursuant to the department's applicable rules.

d. Atax credit certificate issued under an agreement entered into pursuant to subrule 48.10(3) may be transferred to any person pursuant to the department's applicable rules. However, tax credit certificate amounts of less than $1,000 shall not be transferable.

Iowa Admin. Code r. 261-48.11

Adopted by IAB October 23, 2019/Volume XLII, Number 9, effective 10/3/2019

Amended by IAB December 15, 2021/Volume XLIV, Number 12, effective 1/19/2022