Branstad to sign historic tax credits bill

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DES MOINES, Iowa (AP) - Gov. Terry Branstad is signing a bill to revises a state law that provides tax credits for the renovation of historic properties.

The bill allows the use of nearly $9 million in unused credits set aside for smaller projects to be used on new projects in fiscal years 2015 and 2016. The state’s fiscal year starts in July.

Branstad is signing the bill Tuesday at the Salisbury House in Des Moines, a 42-room house built in the 1920s undergoing restoration.

He says he sees significant interest in Iowa in preserving old buildings.

Branstad says the bill makes improvements that should reduce waiting lists and increase the efficiency of the program.

The annual limit for the tax credits is $45 million. Nearly $38 million in tax credits were redeemed this year.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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