Iowa’s Research Activities Tax Credit is one of the most ineffective state-economic development tax subsidies for big business, according to a new national report by Good Jobs First, a national policy resource center for grassroots groups and public officials. Citing the Iowa Department of Revenue, the “Slashing Subsidies, Good Jobs, Bolstering Budgets” report said that the state paid $44 million in refunds to companies whose credit was greater than the income tax they owed. It also noted that three large and profitable companies – Rockwell Collins Inc., Deere & Co. and E.I. du Pont de Nemours and Co. – received $32.9 million in research credits while paying no Iowa corporate income tax.