Iowa House OKs more money for economic development
House OKs extra $50 million for Iowa Economic Development Authority; sends measure to Branstad
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.
