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SF 522 - Establishing a Property Tax Credit - Iowa Key Vote

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Title: Establishing a Property Tax Credit

Vote Smart's Synopsis:

Vote to pass a bill that establishes a business property tax credit beginning July 1, 2012.

Highlights:

  • Establishes a tax credit for property units classified as one of the following, as well as a formula, based on the value of the improvements to the property, to be used to determine the amount of the tax credit (Sec. 6):
    • Commercial property;
    • Industrial property; or
    • Railway property.
  • Prohibits a person from claiming or receiving more than 1 credit per property unit (Sec. 6).
  • Appropriates $50 million for the fiscal year beginning July 1, 2012, and increasing subsequent years up to a maximum of $200 million, to be used for the tax credit (Sec. 4).

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