In an effort to create new jobs and help Iowans rebuild from the 2008 storms, the Iowa Legislature approved a major expansion of the historic preservation tax credit prorgram. Funding increased this year from $20 million to $50 million for the next three years to encourage redevelopment of historic properties across Iowa. CLICK HERE TO APPLY NOW! Applications are due August 7, 2009.
More info from the Dept. of Cultural Affairs, which adminsters the program:
The program provides a state income tax credit of 25 percent of qualified rehabilitation costs for historic buildings. Owners of historic properties and developers use the tax credit to leverage private investment in adaptive reuse and preservation of Iowa’s historic buildings. Beginning Wednesday, July 1, 2009, funding for the program increases from $20 million to $50 million per year.
In addition, Gov. Chet Culver and the legislature approved two new tax credit funds: one for disaster recovery projects and one for projects resulting in the creation of 500 new permanent jobs. Three other tax credit funds include the Cultural and Entertainment District-Great Places fund, the small projects fund and the statewide fund.
Applications for tax credits for fiscal years 2010, 2011, and 2012 will be accepted July 1-Aug. 7, 2009. Visit www.iowahistory.org for more information.
Changes to the tax credit program and the new administrative rules, applications and instructions will be discussed during a day-long tax credit workshop 9 a.m.-5 p.m. Thursday, July 9, 2009, at the Waterloo Center for the Arts, 225 Commercial Street in Waterloo. People interested in applying for the tax credit program are encouraged to attend.
The workshop will be followed on Friday, July 10, 2009, by “SHPO on the Road,” during which SHPO tax credit reviewers will be available to provide one-on-one technical assistance to potential applicants.
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