Iowa Senate advances Property Tax Credit Plan
CREATED Apr. 15, 2013
DES MOINES, Iowa (AP) - The Iowa Senate has approved a plan to reduce commercial property taxes, but the outlook for the bill is unclear because the House favors an alternate proposal from Gov. Terry Branstad.
The Democratic-controlled Senate voted 29-21 in favor of the plan Monday. The legislation would gradually provide commercial and industrial property owners with a tax credit equivalent to a roughly 40 percent tax cut on their first $324,000 in assessed property value.
Democrats say the plan would benefit Iowa small businesses.
The bill will now move to the Republican-majority House where lawmakers have given committee-level approval to a plan from Branstad that gradually reduces taxable assessments for commercial property owners by 20 percent.
A spokesman for Branstad says he remains hopeful they can find a compromise.
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