Iowa Pays Millions For Job Creation

Associated Press

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By Max Walker

DES MOINES, Iowa (AP) - The state of Iowa has paid tens of millions of dollars in tax benefits and loans in 2012 to nearly 70 companies that promise to create about 2,000 jobs.

It was an unprecedented year for economic development. The state landed huge fertilizer projects in Lee County and Sioux City, each involving capital investments exceeding $1 billion.

Companies receiving state incentives pledge to spend $3.7 billion in the state to build facilities or expand existing businesses.

The Iowa Economic Development Authority says it spent about $12 million on loans to companies expanding or locating in Iowa during the year. The agency did not immediately have a breakdown of tax credits awards offered this year alone, but says it made more than $151 million in tax credit awards in 2011 and 2012.

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