For agreements entered into with the Department of Cultural Affairs on or after July 1, 2014, Iowa has made revisions to the existing historic preservation and cultural and entertainment district tax credit. An eligible taxpayer who has entered into an agreement for the successful completion of all requirements of the program is eligible to receive a historic preservation and cultural and entertainment district tax credit in the amount equal to 25% of the qualified rehabilitation expenditures of a qualified rehabilitation project that are specified in the agreement. The law allows unclaimed credits to be awarded to different projects and makes changes to the process of reserving tax credits for qualified projects.