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Faith-based tax credits!

December 14, 2009

The Iowa Department of Cultural Affairs has a touching faith in the effectiveness of the Historic Rehabilitation Tax Credit, according to the report issued today on Iowa's tax credit system:

While the DCA fully believes the return on investment is much greater than the aggregate cost of the tax credits, until a sufficient number of survey forms are returned upon project completion, there is insufficient data to back up this claim.

The credit has been in place since 2001, and the state has passed out millions of dollars in tax credits, but the jury is still out. Still, the Department "fully believes" that the credits work. So now all they have to do is click the heels of their ruby slippers together, and all will be well.

Tags: Corporate welfare.Economic development.Iowa tax policy.Tax Credit Report.