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Iowa tax cut impacts historic restoration tool
The state historic tax credit currently is available for property owners of all types, including homeowners, small businesses, nonprofits, or companies rehabilitating historic buildings. The property owner gets a state income tax credit of 25% of qualified rehabilitation costs, and 100% of the credit is currently refundable. This means that if the credit is greater than a property owner’s income tax obligation, they can receive a refund for the amount over and above the tax obligation.
However, House File 2317 recently passed by the Iowa Legislature and signed into law by Governor Reynolds, incrementally reduces the amount of the credit that is refundable to 75% by 2027, lessening its impact for property owners working to rehabilitate historic buildings in communities throughout Iowa.
Special Report
Study: Historic Tax Credit program is an Economic Driver for Iowa
Preservation promotes prosperity in communities across Iowa, according to a recently released economic impact study commissioned by Smart Growth Development –an Iowa bi-partisan non- profit coalition which advocates for policies promoting smart growth practices and historic rehabilitation. The Historic Tax Credit Economic Impact Study for the State of Iowa was conducted by Baker Tilly, an advisory and accounting firm located in Madison, Wis.