371353 - Historic Preservation Tax Credit - Small Projects

The Iowa Historic Preservation Tax Credit program provides state income tax credits up to 25% of qualified rehabilitation expenses (QREs) for eligible historic building projects. Small projects (estimated QRE ≤ $750,000) are limited to a maximum credit of $187,500 and may submit Part 2B applications year‑round, provided they have prior Part 1 and Part 2 approvals from the State Historic Preservation Office. Applicants must document all financing sources, demonstrate financial readiness, and comply with detailed eligibility and documentation rules, including non‑refundable processing fees for Part 3 certification when applicable. • Eligible taxpayers are fee‑simple owners or long‑term lessees of historic buildings; government entities cannot apply. • Projects must meet historic significance criteria (NRHP listing, district contribution, local landmark, or qualifying barn) and achieve substantial rehabilitation thresholds (≥50% of building value for commercial, ≥25% for non‑commercial). • Credits are transferable, refundable, and may be carried forward up to five years; documentation of public funding and developer equity is mandatory.