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Key Votes

SF 295 - Establishes a Business Property Tax Credit Fund - Key Vote

Iowa Key Votes

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Issues

Stage Details

Legislation - Nonconcurrence Vote Passed (Senate) -
Legislation - Bill Passed With Amendment (House) (54-45) - (Key vote)

Title: Establishes a Business Property Tax Credit Fund

Vote Smart's Synopsis:

Vote to pass a bill that establishes a business property tax credit fund and a business property tax credit.

Highlights:
  • Establishes a business property tax credit fund for fiscal years beginning July 1, 2014 (Sec. 4).
  • Specifies that each property unit classified and taxed as commercial property, industrial property, or railway property is eligible for a business property tax credit funded by the business property tax credit fund (Sec. 6).
  • Appropriates the following amounts to the business property tax credit fund from the general fund (Sec. 4):
    • For the 2014-2015 fiscal year, $50 million for the business property tax credits used;
    • For the 2015-2016 fiscal year and thereafter, an amount equal to the amount appropriated in the previous fiscal year; and
    • For the 2015-2016 fiscal year and thereafter, an additional $50 million if the general fund has grown by at least 4 percent as compared to the previous fiscal year.
  • Prohibits the total appropriation to the business property tax credit fund from exceeding $250 million for any fiscal year (Sec. 4).
Legislation - Bill Passed (Senate) (29-21) -
Legislation - Introduced (Senate) -

Title: Establishes a Business Property Tax Credit Fund

Committee Sponsors

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