Business Property Tax Cut

The Senate Ways and Means Committee's signed off on a $50 million business property tax cut credit, that could grow to $200 million. KCCI reports the size of the tax credit would grow by $50 million/year every year state revenues increase by at least 4 percent, up to $200 million. Supporters say it helps small businesses by applying to the first $32,000 of property, taxing it at about 50 percent of the current rate, or about a $600 tax break.