Iowa Governor Terry Branstad yesterday signed Senate File 436 into law to modify the rules for the state Historic Preservation and Cultural and Entertainment District Tax Credit, making the program easier to use and expanding eligibility. Specifically the law modifies the definition of “substantial rehabilitation” for both commercial and other types of property, allowing varying rehabilitation costs for different types of properties. The new law also creates and optional extension on the completion deadline and placed in service date for projects that incur more than 50 percent of anticipated rehabilitation costs within 60 months of application approval. The law was signed by the Governor on May 16, 2013 and becomes effective immediately.
Click here to read Senate File 436.
