Joe Kelly of the Iowa Manufactured Housing Association (IAMHA) informs MHProNews the Iowa Senate has passed SF 295, a property tax credit system comparable to how the homestead credit system works. Commercial tax payers have to make a one-time application. The fund begins at $50 million, and increases each year by $50 million as long as state revenues increase each year by four percent, with a cap of $250 million. The House has added an amendment, H-1308, which provides an annual ten percent discount for four consecutive years for manufactured housing communities (MHCs). After four years, the MHCs will be taxed at the same rate as residential property. The House and Senate must reach a compromise version before it can become law.

(Photo credit: Wikipedia–Iowa Chamber House of Representatives)