IFP News: 133 Companies, No Tax, $43 Million in State Checks

[rurallib]

Iowa Fiscal Partnership. Boy they do great work!
From today's email newsletter:
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IFP: Research Credit Showers Benefits on Non-Taxpaying Companies:

"At a time when unemployment in Iowa neared 7 percent and Iowans coped with steep cuts in critical state and local services, three corporations received over $30 million in corporate subsidy checks from the Iowa Treasury. They are among 133 corporations that paid no state income tax but still received checks from the state.

This and other disclosures come from today’s release of the annual report on Iowa’s Research Activities Credit (RAC) for 2010. They show the fiscal scandal that the RAC has become. Rockwell Collins, Deere and Dupont had the largest corporate claims — $14.2 million, $12.8 million and $5.9 million, respectively. Of that $32.9 million in claims, at least $30.7 million was paid out in checks, because it was above and beyond the amount of taxes those companies owed."
<snip>
"Overall, corporate RAC claims totaled $45.2 million — $43 million of it, or 95 percent, being paid out as so-called “refunds” for taxes never paid. Of 160 claimants, 133 companies received the subsidy checks from the state, either from the regular RAC or a supplemental RAC that enhances the benefit. When we are asking Iowa government to be efficient and frugal, and to not promote special interests, how can this be justified? It cannot."
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If you are not familiar with IFP and Iowa Policy Project please take a look here http://www.iowapolicyproject.org/ - well worth the time.

[progressoid]

1. I'm sure Terry will address this travesty.

Oh wait, I forgot, he wants to cut corporate taxes even more.

Four more years.

Four fuckin more years.

:puke:

[4dsc]

2. So where is the leadership?

This would appear to be a good time for someone to step up and challenge republicans on their plans to further cut corporate tax rate but I don't see anyone doing it. Where is the leadership from the party?