Cedar Rapids, Iowa News, Sports, and Weather
Agency Seeks Extra $65 Million for Tax Credits
DES MOINES, Iowa (AP) The Iowa Economic Development Authority is asking legislators to approve an extra $65 million in state tax credits for this fiscal year.
The state puts a $120 million limit on tax breaks the agency can offer business, but director Debi Durham told lawmakers Tuesday that the authority needs $185 million for the fiscal year ending June 30.
Democrat Sen. William Dotzler of Waterloo express skepticism, saying Iowa got "suckered" into giving $150 million in loans and tax breaks to two fertilizer companies last year. Those were the state's biggest capital investment in history.
Durham says the request is necessary to compete with other states to get big business deals in Iowa.
The authority also asked for a $35 million budget increase for international marketing and a new jobs program.