15F.207 Baseball and softball complex sales tax rebate.
1. Definitions. As used in this section, unless the context otherwise requires, “baseball and softball complex” and “owner or operator” mean the same as defined in section 423.4, subsection 10.
2. Application. An entity that has made or is making an application under section 15F.202, subsection 2, for financial assistance for a project may make an application for the sales tax rebate provided under section 423.4, subsection 10. The application shall be made in the same manner and form as provided in section 15F.202, subsection 2, and shall include but not be limited to the same information as required in section 15F.202, subsection 2.
3. Eligibility.
a. The project must satisfy all of the following criteria to be eligible for a sales tax rebate:
(1) The project upon completion will be a baseball and softball complex.
(2) The entity making the application is or will become the owner or operator of the baseball and softball complex.
b. A project shall not be required to be receiving an award of financial assistance under another part of the program in order to be awarded a sales tax rebate pursuant to this section.
4. Application review and award.
a. Applications for the sales tax rebate shall be submitted to the authority. For those applications that meet the eligibility criteria, the authority shall provide a staff review and evaluation, with recommendation, to the board.
b. When reviewing applications, the authority shall consider, at a minimum, the same factors provided in section 15F.203, subsection 3, excluding paragraph “f” of that subsection.
c. Upon review of the recommendation of the authority, the board shall approve, defer, or deny an application.
d. Upon approval of an application for a sales tax rebate, the board shall notify the department of revenue regarding the amount of the sales tax rebate award, a description of the project comprising the baseball and softball complex, and any other information reasonably requested by the department in order to administer the sales tax rebate.
5. Maximum award amount. The board shall not award more than two million five hundred thousand dollars in sales tax rebates for any one baseball and softball complex, and shall not award more than five million dollars in total sales tax rebates for all baseball and softball complexes.
6. Future repeal. This section is repealed thirty days following the date on which five million dollars in total rebates have been awarded. The board shall notify the Iowa Code editor upon occurrence of this condition.
2016 Acts, ch 1117, §1
Referred to in §423.2A, 423.4
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