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The Iowa Economic Development Authority (IEDA) administers the Brownfield and Grayfield Redevelopment Tax Credit program which provides an investment tax credit for redevelopment projects in Iowa that meet the definition of either a brownfield or grayfield. An owner’s equity investment in a grayfield project can receive up to a 12% tax credit of a qualifying investment or up to 15% if the project meets the requirements of a green development. A brownfield can receive up to a 24% tax credit of a qualifying investment or up to 30% if the project meets the requirements of a green development. Iowa law defines qualifying investment as costs that are directly related to a qualifying redevelopment project and are incurred after the project has been registered and approved by the (IEDA) board and only includes the purchase price, the cleanup costs, and the redevelopment costs. A report of an owner’s equity investment (among other requirements) must be submitted by an independent Iowa Certified Public Accountant upon project completion in order to receive a tax credit certificate. The maximum tax credit available per project is $1,000,000. The program is capped at $10 million per fiscal year, which ends on June 30th. A project that does not receive approval due to the cap being reached can receive priority consideration in the form of bonus scoring points for the same project in a subsequent fiscal year if the credits are available. Successful applicants are required to enter into a contract with IEDA and the application becomes part of the contract by reference. Eligible applicants range from individuals to corporations. The only entities that are not eligible applicants are local, state and federal governments. For specific and comprehensive information please refer to Iowa Administrative Code section 261—chapter 65, “Brownfield and Grayfield Redevelopment” (updated as of March 14, 2012), or Iowa Code sections 15.291 through 15.294 (as amended by SF 514 on June 9, 2011).