Iowa business owners had good reason to celebrate this week. For the first time in 30 years, businesses across the state received property tax relief to the tune of 127.3 million.
Iowa legislators approved a five percent rollback on all Iowa businesses for commercial, industrial, agricultural and residential property tax rates. The new law also established a 90% rollback for the 2014 assessment.
Normally taxed at 100 percent of assessed value, Iowa business owners were happy to receive a lower tax bill this year than last year, according to Governor Terry Branstad.
The tax relief legislation applied to Iowa income taxpayers as well.
The state will pay Linn County more than 6.6 million to cover the cost of the five percent rollback for commercial and industrial businesses in the county.
In addition to the tax relief legislation, more than 70,000 Iowa businesses applied for and received a new tax credit. Those tax credits included $50 million for the current fiscal year with state funding set aside to grow the amount each subsequent fiscal year.
If you wish to apply for the business property tax credit for 2015-2016, download this form from the Iowa Department of Revenue. The deadline is March 15, 2015.
To learn more about the tax relief legislation, read the original article here.