[youtube]http://www.youtube.com/watch?v=yL8XCD6Qeok[/youtube]The Iowa House has approved a major expansion of a historic rehabilitation program used in communities across Iowa. The bill, Senate File 481, will help revitalize towns and create good-paying jobs through a state income tax credit for historic preservation of buildings.
“I came to the Capitol to work for jobs – jobs for my constituents in Mason City and for all middle class families. In Iowa who are struggling to make ends meet, to make house payments, to pay for health care and to put food on the table. These Historic Preservation Tax Credits will create jobs,” said State Representative Sharon Steckman of Mason City, who won approval of the bill in the House.
Senate File 481, which was approved on a 86-3 voted, expands the historic tax credits available from $20 million per year to $50 million. The Historic Preservation Tax Credit program has been extremely successful and there never enough tax credits for all the projects. Last year, there were only $20 million in tax credits available and that leveraged $228 million in construction projects. There was enough demand for an additional $44 million in tax credits, had they been available.
The bill also allocates the tax credits in the following:
• $5 million for projects under $500,000
• $15 million for Cultural Districts and Great Places
• $10 million for Disaster Recovery
• $10 million for projects creating over 500 jobs
• $10 million for statewide
The bill now goes to the Governor.