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Iowa faces $100 million 2009 shortfall; corporate welfare not on block

December 15, 2008

Governor Culver will have to cut $60 million in current year spending on top of the already-announced $40 million in spending cuts as a result of a downward estimate of projected tax revenues.

So far no cuts have been announced for boondoggles like the Iowa Power Fund, the Grow Iowa Values fund, or the subsidies for Filmmakers. Expect to see instead efforts to introduce combined corporate tax reporting and to reduce the Iowa "10 and 10" capital gain exclusion, as mentioned here.

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