DES MOINES, Iowa (AP) - Senate Democrats are proposing a plan for reducing commercial property taxes that they say would help small businesses more than Gov. Terry Branstad's tax proposal.
Under the legislation unveiled Thursday, commercial property owners would gradually get a tax credit that's the equivalent of a 40 percent tax cut on their first $324,000 in assessed property value. Lawmakers say roughly 80 percent of the state's 116,900 commercial properties are assessed at or below $324,000.
Properties worth more would see a smaller percentage break, but Democrats argue their plan is more effective than Branstad's plan, which gradually cuts taxable property assessments by 20 percent for all businesses at a cost of about $350 million.
The Democratic proposal would cost $250 million and be phased in over five years.
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