TAX CREDITS FOR REVOLVING LOAN FUNDS Authorized by HF 868 of 2005 General Assembly Now in Iowa Code Section 15E.232 Administrative Rules at IDED [261],

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Presentation transcript:

TAX CREDITS FOR REVOLVING LOAN FUNDS Authorized by HF 868 of 2005 General Assembly Now in Iowa Code Section 15E.232 Administrative Rules at IDED [261], Chapter 32

TAX CREDITS FOR REVOLVING LOAN FUNDS Tax credit is 20% of the amount contributed to a revolving loan fund; The contribution has to be to a “qualified Economic Development Region”; The maximum amount of tax credits that can be approved is $2 million per year.

TAX CREDITS FOR REVOLVING LOAN FUNDS Contributors can be individuals, corporations, or financial institutions (Has to be a nongovernmental entity); Credit can be carried forward – can’t be carried backward – is not transferable; One unusual provision – even an entity exempt from income taxes can be awarded benefits.

TAX CREDITS FOR REVOLVING LOAN FUNDS To date, none of these credits have been utilized; The application form can be found at /tax_creditsinv.html