by Dustin Hite
Now that we have passed our second funnel, our focus shifts since only the Appropriations and Ways & Means committees are meeting for the rest of this session. I sit on Ways & Means, so my focus has been on taxes and fees while others on Appropriations work to get a budget agreed upon with the Senate and the Governor. Therefore, I want to focus this week’s newsletter on what we have been doing in Ways.
Iowa House Passes Business Property Tax Credit Simplification
House File 865 passed the Iowa House this week with bi-partisan support and simplifies the process for some property owners to receive the Business Property Tax Credit without interruption.
Now that lawmakers have passed the second funnel, focus shifts as only the Appropriations and Ways & Means committees are meeting for the rest of this session. District 79 Representative Dustin Hite says House File 865 passed the Iowa House last week with bi-partisan support and simplifies the process for some property owners to receive the Business Property Tax Credit without interruption.
The Business Property Tax Credit was part of the overall 2013 property tax reform bill that was enacted by the Iowa Legislature and signed by Governor Branstad, and available for certain commercial, industrial and railroad properties. House File 865 eliminates the need to refile for the tax credit when a portion of a parcel that gets the credit is sold or transferred. The bill strikes the provision in Code section 426C.3 that required a property owner to refile for the credit when a portion of a parcel or property unit was sold, transferred, or ownership otherwise changed.