[{"data":1,"prerenderedAt":7},["ShallowReactive",2],{"faq-standard-10938":3},{"rec_id":4,"title":5,"text":6},"10938","How do I calculate the Iowa Redevelopment Tax Credit?","A Redevelopment Tax Credit equals a percentage of the qualifying investment in redeveloping a brownfield or grayfield site.\r\n\u003Cbr>\u003Cbr>\r\nA brownfield site is defined as an abandoned, idled, or underutilized industrial or commercial facility where expansion or redevelopment is complicated by real or perceived environmental contamination.\r\n\u003Cbr>\u003Cbr>\r\nA grayfield site is defined as a property that has been developed and has infrastructure in place but the property's current use is outdated or prevents a better or more efficient use of the property. Such property includes vacant, blighted, obsolete, or otherwise underutilized property. A higher tax credit rate is available if the redevelopment meets established \"green development\" standards.\r\n\u003Cbr>\u003Cbr>\r\nProjects must first apply to the Iowa Economic Development Authority to be considered for an award allocation during the annual application process. When the tax credit is awarded, the taxpayer receives a tax credit certificate number.\r\n\u003Cbr>\u003Cbr>\r\nAny tax credit in excess of tax liability can be carried forward and applied against tax liability for the following five years or until depleted, whichever is earlier. The Redevelopment Tax Credit can be transferred to any person or entity. Non-profit applicants can receive a refundable, but nontransferable, tax credit, though we do not currently support the refundable portion of this credit. If the tax credit is issued to a partnership, limited liability company, S corporation, estate, or trust, the tax credit shall be claimed by the individual based on the pro rata share of the income of the entity.",1777391510784]