For immediate release June 30, 2009
Contact: Jeff Morgan, Jeff.Morgan@iowa.gov, (515) 281-3858
Filing date for fiscal year 2010 extended to Aug. 7, 2009
(DES MOINES) – The State Historic Preservation Office today announced new administrative rules, applications and instructions for the Historic Preservation and Cultural and Entertainment Tax Credit program have been adopted and are available online at www.iowahistory.org.
The program provides a state income tax credit of 25 percent of qualified rehabilitation costs for historic buildings. Owners of historic properties and developers use the tax credit to leverage private investment in adaptive reuse and preservation of Iowa’s historic buildings. Beginning Wednesday, July 1, 2009, funding for the program increases from $20 million to $50 million per year.
In addition, Gov. Chet Culver and the legislature approved two new tax credit funds: one for disaster recovery projects and one for projects resulting in the creation of 500 new permanent jobs. Three other tax credit funds include the Cultural and Entertainment District-Great Places fund, the small projects fund and the statewide fund.
Applications for tax credits for fiscal years 2010, 2011, and 2012 will be accepted July 1-Aug. 7, 2009. Visit www.iowahistory.org for more information.
“To date, the program has leveraged nearly $300 million in estimated or actual rehabilitation costs by private investors in Iowa communities toward improvements in Iowa’s historic resources,” Iowa Department of Cultural Affairs Director Cyndi Pederson said. “The program has attracted private investment to historic cores of cities and Main Street towns across Iowa, generated jobs, enhanced property values, created affordable housing and augmented revenues for federal, state and local governments.”
Changes to the tax credit program and the new administrative rules, applications and instructions will be discussed during a day-long tax credit workshop 9 a.m.-5 p.m. Thursday, July 9, 2009, at the Waterloo Center for the Arts, 225 Commercial Street in Waterloo. People interested in applying for the tax credit program are encouraged to attend.
The workshop will be followed on Friday, July 10, 2009, by “SHPO on the Road,” during which SHPO tax credit reviewers will be available to provide one-on-one technical assistance to potential applicants.
More information about the workshop and “SHPO on the Road” is available at www.iowahistory.org or by calling 515-281-3989.
The State Historical Society of Iowa is a trustee of Iowa’s historical legacy and an advocate for understanding Iowa’s past. It identifies, records, collects, preserves, manages and provides access to Iowa’s historical resources. Its dual mission of preservation and education serves Iowans of all ages, conducts and stimulates research, disseminates information, and encourages and supports historical preservation and education efforts of others throughout the state.