Iowa House Approves More Money for Economic Development
DES MOINES, Iowa (AP) House lawmakers have approved more money for the state to spend on tax credits to entice new businesses to Iowa and help others expand.
The Iowa House approved the $50 million credit increase Wednesday in a 94 to 1 vote. The measure increases the tax credit limit that the Iowa Economic Development Authority can offer business to $170 million.
It now moves to Gov. Terry Branstad for his signature.
Director Debi Durham had told lawmakers in January that the agency needed $65 million more to finish negotiating projects during the fiscal year ending June 30.
Republican Rep. Chip Baltimore, of Boone, says the final figure was a good compromise.
If Branstad signs the measure, the agency can apply the tax credits retroactively to projects from the current fiscal year.