Bill Lowers Property Tax for Small Business Owners
NFIB, or the National Federation of Independent Business here in Iowa, with more than 10,000 small business owners across the state, thanks the Iowa Senate for passing important tax reform legislation.
Senate File 587 reforms the state’s mental health system and reduces property taxes. The bill passed 30-17. NFIB now urges the House to take up the bill and pass these important cost saving measures for small business owners and all property tax payers across the state.
“Property taxes in Iowa are too high, uncompetitive with other states, and have doubled in the past two decades here in Iowa,” said Matt Everson, NFIB State Director in Iowa. “On top of that, Iowa’s property taxes fund mental health services here in our state. We are one of only a few in the country that do it this way and it puts an undue burden on the backs of small business owners, who are still recovering from a crippling pandemic. This bill provides immediate relief in the form of over $100 million for all property taxpayers.”
“On behalf of our 10,000 + small business members in Iowa, we can’t thank Senator Dan Dawson enough for his tireless efforts on this issue and for the Senate taking bold actions that begin to address our high property taxes here in Iowa.”
Senate File 587 moves mental health funding from local property taxes to state funding. It also gets rid of property tax levies and phases out the backfill to local governments.