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WAYS & MEANS – Week of March 4, 2013

SSB 1135 – “Main Street” Business property tax credit and fund

SSB 1137 – Endow Iowa Tax Credit

 

COMMITTEE ACTION: 

SSB 1135 creates a business property tax credit for property taxes due and payable in fiscal years beginning on or after July 1, 2014. The credit will be available to Commercial, Industrial and Railway properties. The bill establishes a business property tax credit fund. The bill appropriates $50 million in FY15 and each fiscal year thereafter from the General Fund to the Department of Revenue for deposit into the fund. For fiscal years after 2015, the fund will grow by $50 million each year the Revenue Estimating Conference certifies that the total amount of General Fund revenues has grown by at least 4 percent compared to the previous fiscal year, up to a total of $250 million per year. The bill provides that each person who wishes to claim a business property tax credit shall obtain forms from the assessor of their county and file the claim there. The bill is aimed at smaller businesses, and the credit would be similar to the Homestead tax credit on residential parcels. [2/28: 9-6 (Feenstra, Behn, Bertrand, Chapman, Schneider, Smith “no”)]

SSB 1137 increases the cap on the Endow Iowa tax credit program from $3.5 million to $6 million and makes the increase retroactive to January 1, 2012. The bill also eliminates the additional amount that was received from the tax on gaming receipts. The Endow Iowa tax credit is available for donations to endowment funds of qualified community foundations. [2/28: short form]


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