DES MOINES, Iowa — The Iowa Senate has approved a compromise plan to cut commercial property taxes in the state.
The plan was approved in a 43-6 vote Wednesday. It now moves to the state House for approval.
The property tax plan will gradually reduce taxable assessments of commercial properties by 10 percent and provide property tax credits geared for smaller businesses.
The deal also limits the amount that residential property assessments can grow. It includes small income tax credits and increases the state earned income tax credit for low-income workers.
Reducing commercial property taxes has been a longtime priority for Gov. Terry Branstad.