Cedar Rapids, Iowa News, Sports, and Weather
More Companies Fail on Job Promises for Tax Breaks
DES MOINES, Iowa (AP) State records show more companies are failing to keep promises to create jobs in exchange for tax incentives.
The Des Moines Register reported that 15 companies that received tax breaks in the past fiscal year have defaulted on promises to create or retain jobs.
That's the same number of companies that failed to make good on their promises for the previous three fiscal years combined.
According to state economic development department data, the companies promised more than 900 jobs but only created 620.
State officials say the failures are small compared to the successes companies have had in creating jobs. They say 30 companies managed to fulfill their promises during the same period.