Legislative leaders, Governor leaving our communities high and dry

Legislative Leaders, Governor leaving local communities high and dry

Proposed corporate property tax cuts leave communities left to makeup a $100 million shortfall – the approximate amount closing corporate tax loopholes would add in revenue

Des Moines, Iowa —Iowa Citizens for Community Improvement Action Fund (Iowa CCI Action) members are railing against a backroom deal to cut corporate property taxes, and warn that the political compromise is bad policy that leaves everyday Iowans and Main Street communities high and dry.Closing corporate tax loopholes on out-of-state businesses could pay for the $100 million shortfall facing local communities after $250 million is backfilled from the state budget.  Combined corporate reporting would add at least $100 million a year to state coffers and make smaller, Iowa-based businesses more competitive.“The proposal we are just now hearing about is going to mean property tax increases on those who can least afford it – low and middle income homeowners across the state,” said Adam Mason, Iowa CCI Action’s State Policy Director.“If Governor Terry Branstad, Speaker of the House Kraig Paulsen, and Senate Majority Leader Mike Gronstal are dead set on handing out $350 million to big corporations, they could at least look for ways to help replace that lost revenue by closing corporate tax loopholes on out of state corporations doing business in Iowa instead of forcing our communities to decide between cuts in services or raising property taxes.”For more information about Iowa Citizens for Community Improvement Action Fund, visit www.cciaction.org