(DES MOINES) – Gov. Terry Branstad today announced he will sign Senate File 295 on Wednesday, June 12, 2013, at 1 p.m. at Hawkeye Ready-Mix, Inc. in Hiawatha. The historic bill provides property tax relief all classes of Iowa property: agricultural, residential, commercial and industrial.
Once signed into law, Senate File 295 accomplishes the following:
- Historic reduction stimulating job creation, with approximately $4.9 billion in tax relief over ten years.
- Permanent property tax relief
• 10% reduction in taxable value on commercial and industrial property, coupled with a $125 million property tax credit targeted to small businesses
• Significant property tax relief for telecom property and multiresidential property
- No shift of the tax burden to other classes of property
- Relief for all classes of property
• Reduces assessment growth limitation from 4% to 3%, saving agricultural and residential property an estimated $500 million annually by year ten
- Extends the Property Assessment Appeal Board
- Provides approximately $90 million in annual income tax savings to Iowa taxpayers
The following event is open to the media:
Wednesday, June 12, 2013
1 p.m. Gov. Branstad signs historic property tax relief bill, Senate File 295
Hawkeye Ready-Mix , Inc.
1340 Hawkeye Drive
Hiawatha, IA
Senate File 295: An act relating to state and local finances by establishing a business property tax credit for commercial, industrial, and railway property, establishing and modifying property assessment limitations, providing for commercial and industrial property tax replacement payments, providing for the classification of multiresidential property, modifying provisions for the taxation of telecommunications company property, providing for the study of the taxation of telecommunications company property, providing a taxpayers trust fund tax credit, modifying provisions relating to the property assessment appeal board, modifying the amount of the earned income tax credit, making appropriations, providing penalties, and including effective date, implementation, retroactive applicability, and other applicability provisions.
