New tax credit for businesses available

2013-11-21T14:15:00Z 2013-11-21T19:10:06Z New tax credit for businesses availableBy JOHN SKIPPER john.skipper@globegazette.com Mason City Globe Gazette

MASON CITY | Cerro Gordo County Assessor John Boedeker said Thursday he encourages eligible businesses to take advantage of tax credits available to them.

The new Business Property Tax Credit is one of the components of tax cuts signed into law by Gov. Terry Branstad on June 12, 2013.  

It provides a tax credit for certain commercial, industrial and railroad properties and does not apply to residential or agriculturally classified property.

Boedeker said one credit is available for each qualified property unit.  A property unit consists of contiguous parcels of the same classification that are owned by the same person and operated by that person for a common use and purpose.

Applications for credit against 2013 property tax assessments must be received by the county or city assessor by Jan. 15, 2014, said Boedeker. He said the actual amount of credit each property unit will receive depends in part upon the total value of all property units and the average consolidated rates in each unit. 

The credit calculation is designed to spend 98 percent of the amount appropriated by the Iowa Legislature to the Business Property Tax Credit Fund.

For the first year $50 million was appropriated. The Legislative Services Agency has estimated the maximum first year credit amount will be about $523.

The Department of Revenue has created a page on its website concerning the 2013 commercial property tax reform. Taxpayers can access and print a copy of the application and find out more information about it.

The website is www.iowa.gov/tax/locgov/13PTReform.html.

Copyright 2015 Mason City Globe Gazette. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

No Comments Posted.

Comment Policy
Keep it clean. Avoid language that is obscene, vulgar, lewd or sexually-oriented. If you can't control yourself, don't post it.
Don't threaten to hurt or kill anyone.
Be truthful.Don't lie about anyone or anything.
Be nice. No racism, sexism or any other sort of -ism that degrades another person. PLEASE TURN OFF YOUR CAPS LOCK, and forgive people their spelling errors.
Let us know if it's getting out of hand. If you see offensive comments, don't quote or respond to them. Please use the "Report Abuse" button to bring it to our attention.
Share what you know, ask about what you don't. Give us your eyewitness accounts, background, observations and history. What more do you want to know about the story?
Stay focused, and ask questions. Keep on the story's topic.

Add Comment
You must Login to comment.

Click here to get an account it's free and quick

Follow Us

Activate subscription button gif

Deals, Offers and Events