The Iowa House of Representatives passed House File 2274 today that would introduce sweeping tax reform for all property taxpayers across the state.

“I applaud the members of the Iowa House for standing up for the taxpayer,” said Iowa State Director Mark Lucas. “This tax relief package will boost our economy and put more Iowans to work.”

Iowa commercial property taxes are paid on 100 percent of its valuation. That is one of the reasons the Tax Foundation ranked Iowa 41st in its business tax climate index. This measure would cut property taxes paid by businesses nearly in half over eight years. The bill also avoids residential property taxes from increasing by 73 percent over the next 10 years.

“This is a comprehensive tax relief package that is extremely fair,” says Lucas. “It provides relief to all taxpayers.”

We applaud the Iowa House of Representatives for passing property tax relief for all Iowans. AFP-Iowa Director Mark Lucas noted that "this bill will make Iowa more attractive for new business and lessen the burden on residential property owners." Find the following article in its entirety here (via the AP).

DES MOINES, Iowa — The Iowa House on Tuesday approved a measure that would cut property taxes paid by businesses nearly in half over eight years.

Backers say the move will boost Iowa's economy because the state's commercial property taxes are far higher than neighboring states.

But some lawmakers say a big cut in business property taxes will punch a giant hole in local government budgets. They estimate it will cost local governments $357 million over the life of the measure, amounting to the largest tax shift in the state's history.

On January 4, President Obama took the unprecedented step of declaring the Senate to be in recess — although the Senate considered itself to be in session — so that he could install several appointees in key positions at the Consumer Financial Protection Bureau (CFPB) and the National Labor Relations Board (NLRB).

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