Every commercial property owner in the state will get a tax cut under a plan we’re working on in the Senate.
Iowa commercial property owners currently pay taxes on 100 percent of assessed value, about twice what residential property taxpayers pay. That can hinder job creation and efforts to bring businesses to the state.
The Main Street Tax Cut (SSB 1135) addresses that problem. Our $250 million plan will provide a tax cut to every Iowa business. Eight out of 10 commercial properties will pay the same rate as residential properties. And 9 out of 10 properties do better under our tax-cut plan than under Governor Branstad’s plan, which transfers tens of millions of dollars to large, out-of-state corporations.
Unlike other proposals, the Main Street Tax Cut does not shift the tax burden onto residential property taxpayers because it uses state dollars to replace funding that schools and local services depend on.
Here’s a short video with the mayors of Carlisle and Ames, two people who spoke at a recent committee meeting on the Main Street Tax Cut: http://youtu.be/PyWusCgdFyg.
To learn more about the Senate’s plan, go to www.senate.iowa.gov/democrats/?p=16717.