Business breaks as usual
Companies received $42 million in research tax credit checks in 2018 without paying any Iowa corporate income tax.
What the Governor didn’t say
Governor Reynolds’ Condition of the State address was upbeat, but exceedingly short on specifics of issues critical to the prosperity of Iowans.
Data: Opportunity for family security
One out of nine Iowans lack basic economic security by the Census’ measure.
Business breaks as usual
1What the Governor didn’t say
2
Tax inequity: Iowa’s continuing story
3Data: Opportunity for family security
4About IFP
The Iowa Fiscal Partnership is a joint initiative of two nonpartisan organizations, the Iowa Policy Project and the Child and Family Policy Center, providing reliable information and analysis on Iowa budget and tax issues.
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No income taxes, big checks from the state
Large, profitable corporations receive checks from the state without paying any Iowa income tax through Iowa’s Research Activities Credit (RAC). The latest annual report from the Department of Revenue on the RAC shows 373 corporate claims worth $54.8 million from the program in 2017. Three-fourths of Iowa’s most lucrative business tax subsidy — $43.7 million — was paid out as checks, not as tax reductions.
Read about it here