Iowa

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.

The Iowa Finance Authority is hosting a public forum for interested parties to provide feedback and recommendations for the 2014 Qualified Allocation Plan.

The Internal Revenue Service (IRS) announced in Revenue Procedure 2012-41 that it has set the inflation-adjusted State credit ceiling for the Low-Income Housing Tax Credit (LIHTC) program and private activity bond caps for calendar year 2013.

The Iowa Finance Agency will be hosting four housing credit developers meetings during the month of October. All developers planning to apply for 2013 Low Income Housing Tax Credits must attend one of the meetings.

The Internal Revenue Service released a notice in the Federal Register announcing that it is extending the comment period for previously issued Notice 2012″“7.

The Iowa House of Representatives recently passed a bill, HF 2460, that would reform the state’s controversial tax incremented financing (TIF) program.

The Iowa Finance Authority (IFA) has released its Qualified Allocation Plan (QAP) and supporting LIHTC program documents for the 2012 tax credit program.

The IRS issued Notice 2012-3 to provide guidance on current refunding issues for outstanding prior bond issues that qualify for tax-exempt bond financing under disaster relief bond programs including Gulf Opportunity Zone Bonds (GO Zone Bonds), qualified Midwestern disaster area bonds and Hurricane Ike disaster area bonds under the Heartland Disaster Act.

The Internal Revenue Service (IRS) has issued Notice 2012-07 to announce the temporary suspension of certain requirements for low-income housing tax credit projects in order to provide emergency housing relief to individuals affected by the flooding in Iowa between May 25 and August 1, 2011.

The Iowa Finance Authority (IFA) recently released the state’s proposed 2012 Qualified Allocation Plan (QAP) and an overview of significant changes to the plan.

U.S. Representative Bruce Braley (D-IA) last week introduced the Rebuilding Communities Act (H.R. 2901), which would extend a provision enacted in 2008 that increased the historic tax credit to 26 percent and the rehabilitation tax credit to 13 percent in Midwestern communities affected by natural disasters.

Iowa Governor Terry Branstad signed into law a measure to make the state historic tax credit align more closely with the federal credit.