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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;

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tax credits for revolving loan funds

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 funds1
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 funds2
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 funds3
TAX CREDITS FOR REVOLVING LOAN FUNDS
  • To date, none of these credits have been utilized;
  • The application form can be found at http://www.iowalifechanging.com/business/tax_creditsinv.html