Branstad Signs Property Tax Bill at Hiawatha Plant

Iowa Governor Terry Branstad addresses the Linn Eagles at the Cedar Rapids Country Club on Friday, Jan. 13, 2011, in Cedar Rapids. (Liz Martin/SourceMedia Group News)

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By Katie Stinson

HIAWATHA, Iowa (AP) - Gov. Terry Branstad has signed a bill into law designed to cut property taxes for Iowa businesses.

Branstad held a bill-signing event Wednesday afternoon at Hawkeye Ready-Mix, a concrete supplier with plants in several eastern Iowa locations. He says the law will "make it easier for Iowa businesses to invest in growth."

The measure Branstad signed represents a compromise between Senate Democrats and House Republicans. It will reduce taxable assessments for commercial properties and offer tax credits geared at small businesses.

The measure also limits the amount that residential and agricultural property values can increase and offers some income tax breaks.

Some local government officials are predicting the new law will cause them to lose tax revenues. But Branstad says they should get enough money.

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