For the last seven years, the Branstad-Reynolds administration has lowered Iowa from an economy driven by a reliable and productive workforce into a coupon economy, and Governor Reynolds is continuing that coupon economics, making Iowa the lowest bidder and attracting low-paying, low-skilled jobs with excessive tax credits, exemptions and giveaways with little guarantee of return on investment. This short-term planning is reckless and has driven our budget into the crisis it’s in. Reynolds has dipped into rainy day funds when unemployment is low and revenues are up, and has forced the legislature to go through multiple rounds of mid-year budget cuts, hurting our community colleges, state universities, correctional system, human services, and the justice system. Republicans are prioritizing large, out-of-state companies over working Iowans.
As Governor, Nate would reevaluate the $600 million (and growing) in tax credits, exemptions, and giveaways that have ruined our state’s budget and hurt our economy for the long term, adding caps and sunsets onto credit programs that may not be giving Iowa a decent return on investment. While Governor Reynolds claimed she will begin to review Iowa’s tax credit system this year, the time for that action was many years ago, and Nate has introduced SF 2211 to require the Economic Development Authority to publish every tax credit and exemption on their website, so Iowans can see where their tax dollars are going.
As Governor, Nate would prioritize investing in a world-class education system and creating the most skilled and productive workforce in the world again, so companies who value the opportunities presented by an increasing quality of life in Iowa will come to be a part of our state–and stay invested in its success. He would also invest in Iowa’s small and mid-sized communities through grant programs like the Main Street Grant program and Vision Iowa, to revitalize communities across the state while creating jobs to fuel our rural areas.