Bad Deal On Corporate Property Tax Cuts Should Be Rejected by Iowa Legislature

Conference committee report on SF295 shows state government stands to lose $3.1 billion over ten years while local governments will be on the hook for $450.2 million, even after the state backfill

 

Iowa Citizens for Community Improvement Action Fund (CCI Action Fund) members are blasting the state legislature over a shady backroom deal to cut corporate property taxes, saying it will severely limit the ability of state and local governments to provide basic public services without raising taxes on everyday Iowans.

State government stands to lose $383.6 million in revenue every year by 2024, while local governments would lose $115.7 million annually.

CCI Action Fund members also say the bad deal allows current and future budget surpluses – created by spending cuts years ago – to be squandered in the form of a small income tax credit rather than being reinvested in state programs that have faced cuts.

“Iowa CCI Action Fund members support expanding the Earned Income Tax Credit for working families, but not as a horse-trade for a bad deal on income and corporate property taxes,” said CCI Action Fund member Larry Ginter, an independent family farmer from Rhodes.

“If this bad deal goes through, we will either see cuts to vital public services or more taxes on family farmers and everyday people, or both.  Shame on any legislator that votes for this thing.  Bipartisanship should not come at the expense of good policy that puts people first.”

TAKE ACTION NOW

To contact your state legislators and tell them to vote no on this bad deal, click here.

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