HF 543: Creating a senior housing tax credit program, and including effective date and applicability provisions

What it does

This bill creates a senior housing tax credit program available against the individual and corporate income taxes, franchise tax, insurance premium tax, and moneys and credits tax. The bill requires the Iowa finance authority (authority) to develop a system for the application, review, and authorization of senior housing tax credits. A tax credit may be claimed by a taxpayer for a “qualified development” defined to mean a senior housing project located in this state approved by the authority. The bill defines “senior housing project” to mean the development and construction of single-family or multiresidential housing for persons years of age or older with an emphasis on safety, accessibility, and adaptability.

In plain words

1. February 16, 2021Filed in the House and sent to the Ways and Means committee