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Commercial Property Tax Reform Hits Roadblock

Posted: Wednesday, February 1st, 2012 at 6:26 am
Author: KCII News - Brad Gaspelin

As previously reported, lawmakers have been looking at commercial tax reform, hoping to reduce the amount of taxes collected from commercial properties from 100% to 60%. Yesterday, the chairman of the Senate Ways and Means committee said they will not even consider commercial property tax reform until the Earned Income Tax credit is expanded. Last year a bill to expand this tax credit, which reduces the taxes a low income family is required to pay, was approved twice by the senate, and both times it was vetoed by Governor Terry Branstad. Both Representative Jarad Klein and Senator Sandy Greiner think reducing commercial property taxes is an important issue for economic growth. For now it seems that they will have to wait to discuss this issue further. KCII will continue to monitor this issue and bring you more information as it becomes official.