Gov. Branstad to sign largest tax cut in Iowa history in Hiawatha June 12

State of Iowa Seal

(DES MOINES) – Gov. Terry Branstad today announced he will sign Senate File 295 on Wednesday, June 12, 2013, at 1 p.m. at Hawkeye Ready-Mix, Inc. in Hiawatha. The historic bill provides property tax relief all classes of Iowa property: agricultural, residential, commercial and industrial.

Once signed into law, Senate File 295 accomplishes the following:

· Historic reduction stimulating job creation, with approximately $4.9 billion in tax relief over ten years.
· Permanent property tax relief
• 10% reduction in taxable value on commercial and industrial property, coupled with a $125 million property tax credit targeted to small businesses
• Significant property tax relief for telecom property and multiresidential property
· No shift of the tax burden to other classes of property
· Relief for all classes of property
• Reduces assessment growth limitation from 4% to 3%, saving agricultural and residential property an estimated $500 million annually by year ten
· Extends the Property Assessment Appeal Board
· Provides approximately $90 million in annual income tax savings to Iowa taxpayers