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Iowa taxpayers on the hook for subsidies given to companies

By Andrew Moran
Posted Mar 7, 2013 in Politics
Economic Collapse News | Report finds Iowa taxpayers on the hook over subsidies given to 44 companies
"New analysis performed by Iowa Watchdog discovered that at least 44 businesses owe the state’s taxpayers roughly $8 million for loans they had received from officials. The loans were granted due to a promise that the funds would yield 1,388 new jobs, but only 21 employment opportunities were produced.
"The report had found that the Hawkeye State wrote off $2.7 million in bad loans to 16 enterprises at the end of June last year. The remaining firms will now either face lawsuits or be ordered by a court to return the funds. The remaining money will be left to state taxpayers to pay off the debt.
"Even with heightened efforts made by the Iowa Economic Development Authority to protect the pool of money, Iowa cities lost out on nearly $200 million on capital investments. If the investments would have been deemed successful then it would have generated new tax revenue in state and local coffers."

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