The Iowa State Senate has approved Senate File 481, which provides a major expansion of the state’s historic preservation tax credit program. The bill, which was approved by a 86-3 vote, expands the historic tax credits available from $20 million per year to $50 million and allocates the funding per the following:
- 10% or $5 million for projects under $500,000;
- 30% or $15 million for Cultural Districts and Great Places;
- 20% or $10 million for Disaster Recovery;
- 20% or $10 million for projects creating over 500 jobs;
- 20% $10 million for statewide.
