Orascom seeks $25 million in additional tax credits
Friday, July 19, 2013 11:09 AM
Orascom Construction Industries, which is building a $1.8 billion fertilizer plant in southeast Iowa, will request an additional $25 million in state tax credits this morning, which if granted would boost the total tax credits for the project to $82.5 million, The Des Moines Register reported. State leaders were told last fall the company could come back to claim $25 million in tax credits annually over two years unless lawmakers passed corporate income tax reform. The state was limited at the time from awarding the full amount by a $120 million cap on tax credits. The Iowa Economic Development Authority board will consider the request today at its monthly meeting.