Iowa House Backs Branstad Commercial Property Tax Plan

By: The Associated Press Email
By: The Associated Press Email

The Republican-controlled Iowa House Wednesday approved a version of Gov. Terry Branstad's plan to cut commercial property taxes, setting up a battle with the Democratic-majority Senate which favors an alternate proposal.

In a 54-45 vote, the House approved a plan to amend a Senate tax bill to include key items from Branstad's proposal, which gradually reduces taxable assessments for commercial property owners by 20 percent. The House version also includes a provision that the state would pay a larger portion of general school funding.

The Senate plan provides tax credits and tries to offer more relief to small business owners. Given the differences between the two sides, the legislation will likely move to a joint committee where lawmakers from both chambers will try to reach a compromise.

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