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Lawmakers Propose Tax Break For Tornado Relief

Mon, 31 Mar 2014 13:17:03 CDT
By: IPR


Rebuilding a business after a natural disaster can be a challenge. Insurance money will often cover some, but not all of the cost to fix a damaged building. That's why a pair of lawmakers want to give a tax break to businesses hit by severe storms. Senator Dave Koehler , a Democrat from Peoria, says while last November's tornado in nearby Washington resulted in mainly residential damage, he wants a law to prevent businesses from having to close.

   
"Small business is the backbone of the economy ... We're trying to be proactive and anticipate what the obstacles might be for a business to rebuild."

The proposal would provide a property tax break that gradually decreases over 15 years. Koehler says it will not limit the amount of money going to local taxing bodies, like schools.

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