404A.5 - ECONOMIC IMPACT -- RECOMMENDATIONS.
404A.5 ECONOMIC IMPACT -- RECOMMENDATIONS. 1. The department of cultural affairs, in consultation with the department of revenue, shall be responsible for keeping the general assembly and the legislative services agency informed on the overall economic impact to the state of the rehabilitation of eligible properties. 2. An annual report shall be filed which shall include but is not limited to data on the number and potential value of rehabilitation projects begun during the latest twelve-month period, the total historic preservation and cultural and entertainment district tax credits originally granted during that period, the potential reduction in state tax revenues as a result of all tax credits still unused and eligible for refund, and the potential increase in local property tax revenues as a result of the rehabilitated projects. 3. The department of cultural affairs, to the extent it is able, shall provide recommendations on whether a limit on tax credits should be established, the need for a broader or more restrictive definition of eligible property, and other adjustments to the tax credits under this chapter.
Section History: Recent Form 2000 Acts, ch 1194, §7, 20; 2003 Acts, ch 35, § 45, 49; 2005 Acts, ch 150, §26; 2009 Acts, ch 98, §4