January 9, 2014. In 2013, Governor Branstad signed into law legislation establishing a Business Property Tax Credit (BPTC) for qualifying commercial, industrial or railway property in Iowa . Applications must be filed in the assessor's office by January 14, 2014, for the first year application and tax credit. Any forms received after this date will miss the credit for the first year. Once the BPTC is assigned, property owners will not have to refile for it, unless there is a change in the business. The deadline for refiling, if required, is March 15, 2014, and each year thereafter, for credit on taxes payable 2015-2016, and thereafter. To apply and qualify for the tax credit, you must certify in writing that the property is not rented or leased to low-income indviduals or families. Also, your property cannot be a mobile home park, manufactured home community, land-leased community, or assisted living facility as defined under Iowa law, or used for human habitation containing three or more separate dwelling units. Would you like more information? Contact Goosmann Law Firm at info@goosmannlaw.com or call 712.226.4000.

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