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PROPERTY TAX: Senate Passes Reform

Posted on: 9:48 pm, April 15, 2013, by

Generic Legislature

Democrats, Republicans and Governor Branstad all said that commercial property tax reform was a priority at the start of the session, Monday it finally came up for debate.

Senate democrats passed their version of property tax reform Monday afternoon.

The plan creates a tax credit for businesses, similar to the homestead tax credit for homeowners. It will issue $250-million in tax credits annually.

Senate democrats say the plan won’t shift the burden to local governments or force them to raise taxes on homeowners.

Governor Branstad wants a bigger tax cut and wants to cap how much local governments can raise taxes. His plan has not come up for debate in the House yet.