Iowa Senate Says “YES” to Property/Income Tax Cut

A plan to approve tax cuts for commercial property taxes and to reduce income taxes has been approved by the Iowa Senate. The Iowa legislature compromised today on the Republican-favored approach of rolling back commercial property tax rates by 10% over the next two years, along with a new tax credit for commercial property owners that was pushed by Democrats.

The bill is now off to the House, which is Republican-led, and it’s expected to pass. Governor Terry Branstad said last week he would sign the plan as soon as it reaches his desk.