From Sen. Amanda Ragan –
One good way to grow Iowa’s middle class is to help Main Street businesses and other employers grow. This “Main Street Tax Cut” the Senate is working on is an expanded version of the only commercial property tax cut proposal to pass a chamber of the Legislature with overwhelming bipartisan support.
We are working on a plan to provide a 40 percent commercial property tax cut for 80 percent of Iowa commercial properties. Most of the benefit goes to our local small business owners, the biggest job creators in Iowa communities. This tax cut is accomplished without increasing taxes on residential property owners or harming local schools and public services. State dollars will replace property tax dollars that used to go to schools, local governments and community colleges.
Under the Main Street Tax Cut, we would put $50 million a year into a new Business Property Tax Relief Fund beginning July 1, 2014. The permanent, on-going appropriation will grow by $50 million each year that the state’s revenue increases by at least 4 percent. Once the $250 million goal is reached, the annual investment will be maintained.
Local business owners and community leaders have made it clear that they supported an effort to cut commercial property taxes for every business, help small businesses the most and grow Iowa’s middle class.
