Overhaul of Iowa Tax Credit Program Questioned

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By Becky Ogann

Story Created: Mar 18, 2010 at 1:10 PM CST

Story Updated: Mar 18, 2010 at 1:11 PM CST

DES MOINES (AP) - Critics of Iowa's tax credit program say lawmakers haven't gone far enough to overhaul the credit system.

The Coalition for a Better Iowa says in a statement that tax credits for businesses should be limited to $250,000 per year for research purposes.

The group says that providing tax credits to established businesses, instead of startups, amounts to a corporate subsidy.

A package to reform the tax credits has already passed in the Senate. House leaders have said they will move soon on the measure.

Senate Majority Leader Michael Gronstal says a five-year review process built into the overhaul will let legislators weed out credits that aren't working.

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