DES MOINES, Iowa (AP) – Iowa business owners can begin applying for a new property tax credit that was part of a tax reform package approved by the Legislature and signed by the governor earlier this year. The property tax credit applies to certain commercial, industrial, and railroad properties. The Legislative Services Agency has estimated that the maximum first year credit amount will be about $523.

Lawmakers set aside $50 million to pay for the first year of credits. Applications for credit against 2013 property tax assessments must be received by the county or city assessor by Jan. 15.  Applications may be obtained from the Iowa Department of Revenue.