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Governor Signs Historic Tax Cut Bill
HIAWATHA (CBS 2/ FOX 28)-- Between the dozens of big yellow trucks that spin the cement to the 40 workers who clean up the pieces of concrete left over, it takes a lot of manpower and money to run a business like Hawkeye Ready Mix.
“The cost of operation, the property taxes were high,” said Jim Sauter, president of the concrete supply company.
But, those rising costs will soon go down for the industrial company and every other Iowa business thanks to an historic tax cut signed by Governor Terry Branstad Wednesday.
“Every class of property will be benefitted by this permanent property tax relief,” Branstad said at a news conference at the Hawkeye Ready Mix Hiawatha site.
The law calls for a 10 percent cut in property taxes for commercial and industrial businesses.
It also includes $125 million in tax credits for small businesses and $90 million in income tax savings to residents.
“It does provide a total over ten years of 4.4 billion dollars in property tax relief to Iowa’s hard working property tax payers,” Branstad said.
Business owners say the money saved by the cuts will be a big draw for new companies and the hard working ready-mix guys who’ll help build them.
“They’ll get more hours in and make more money,” Sauter said.
The tax cuts go into effect in the next fiscal year.