DES MOINES, Iowa (AP) -- Gov. Terry Branstad says his plan to cut commercial property taxes will benefit towns across Iowa.
Branstad brought local government officials who support the proposal to his weekly news conference Monday at the state Capitol.
Branstad's $350 million plan would gradually reduce taxable assessments for commercial property owners by 20 percent and would slow the growth of residential and agricultural assessments. Funding would be provided to local governments to make up lost revenue.
Senate Democrats have given committee-level approval to a plan that would gradually provide commercial property owners with a tax credit equivalent to a roughly 40 percent tax cut on their first $324,000 in assessed property value. Under their $250 million proposal, the credits would not be funded in weak budget years.