U.S. Markets closed

Iowa lawmakers approve economic development budget

DES MOINES, Iowa (AP) -- The Iowa Legislature has approved a $41 million compromise economic development budget.

The House and Senate both easily approved the plan Wednesday. It funds the Department of Cultural Affairs, Iowa Workforce Development, the Iowa Economic Development Authority, the Iowa Finance Authority and the Public Employment Relations Board.

The budget is $31 million under what Republican Gov. Terry Branstad proposed. That's because leadership has decided to move some budget items into a different fund paid by gaming revenue.

Those items include a jobs program that provides tax incentives for businesses, and economic development programs for the regent universities.

The budget will move to the governor next for approval.