TAX REFORM: Senate Debates Credits And Cuts
State lawmakers have tried to tackle property tax reform for years.
Monday a senate subcommittee took another stab at it.
Mayor of Carlisle Ruth Randleman is supporting the so-call Main Street Tax Cut bill. It calls for $250,000 in property tax credits for commercial property owners.
“I do think we feel the tax credit approach has a little bit more long term, secure feel to it than rollback and use state money to do that,” she said.
Opponents say there are flaws in the bill. It would take five years to fully fund and it would require the state’s revenues to increase by at least 4-percent.
Executive Director of the Iowa Chamber Alliance John Stineman said, “The relief in this report is conditional. That it does require 4% in state revenues which historically is fairly progressive, and I don’t believe this rate was achieved in the last couple of years.”
The senate subcommittee gave initial approval to the bill.
Governor Branstad has a proposal of his own; it calls for a 20-percent cut in commercial property tax rates.