DES MOINES, Iowa (AP) — Gov. Terry Branstad is unveiling a budget proposal that includes plans to substantially cut Iowa's commercial property taxes.
Branstad's roughly $6.5 billion financial plan also would limit property tax increases for residents, include new spending for education and establish incentives to keep more medical school graduates in the state.
Branstad detailed his budget proposals Tuesday in his annual "Condition of the State" address in the state Capitol. State lawmakers will assess the plan in the coming months.
In previous years, Branstad has unsuccessfully sought commercial property tax cuts. He is hoping that a more collaborative tone, coupled with changes in the makeup of the Legislature and a nearly $1 billion in surplus dollars might help his case for all his proposals.
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