Iowa House approves Branstad’s tax cut plan
DES MOINES (AP) — The Republican-controlled Iowa House on Wednesday approved a version of Gov. Terry Branstad’s plan to cut commercial property taxes, setting up a battle with the Democratic-led Senate, which favors an alternate proposal.
In a 54-45 vote, the House agreed on a version of a Senate tax proposal that was amended to include key items from Branstad’s plan, which gradually reduces taxable assessments for commercial and industrial property owners by 20 percent. The state would provide funding to local governments to make up lost tax revenue. The proposal from the Republican governor also would slow the growth of residential and agricultural assessments.
The House version also includes a provision that would have the state pay a larger portion of general school funding — a move designed to reduce local property taxes — and one that would have the state use surplus budget funding to provide income tax breaks.
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