Iowa pays millions to spur job creation during 2012
DES MOINES (AP) — It was an unprecedented year for economic development efforts in Iowa, with the state paying out tens of millions of dollars in tax benefits and loans to nearly 70 companies that promised to create about 2,000 jobs.
The deals included two huge fertilizer projects, each involving capital investments exceeding $1 billion. Companies receiving state incentives overall pledged to spend $3.7 billion in the state to build new facilities or expand existing businesses, but critics question whether the money spent per job created is an efficient use of taxpayer money.
The state spent about $12 million on loans to companies expanding or locating in Iowa during the year, according to Iowa Economic Development Authority records. The agency did not immediately have a breakdown of tax credits awards offered this year alone, but said it made more than $151 million in tax credit awards in 2011 and 2012.
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