State historic tax credit programs

Iowa Historic Preservation and Cultural & Entertainment District Tax Credit Program

Program overview:

The Iowa Historic Preservation and Cultural & Entertainment District Tax Credit Program offers a 25 percent refundable credit for qualified expenditures. Qualified rehabilitation expenditures do not include expenditures financed by federal, state, or local government loans unless otherwise allowed under Section 47 of the Internal Revenue Code.

Annual cap: $45 million.

Program details:

  • Allocation of credits: 5 percent of credits for projects with less than $750,000 in QREs.
  • Apply for the state and federal credit separately.
  • Applications for projects with QREs of more than $750,000 are only accepted during the registration period.
  • Applications for projects with QREs of less than $750,000 are accepted year round.
  • At the election of the taxpayer, the credit may be claimed as a nonrefundable tax credit and carried forward up to five years, or until depleted or, in the case of a refundable credit, carried forward as an overpayment.
  • Tax credits are recaptured if part three of the application is not approved because the rehabilitation work is found to be inconsistent with the historic character of the property or the district in which it is located and the applicant is unwilling or unable to correct the work accordingly.
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