Signed by Governor Terry Branstad

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).

Full Bill Text