TAX CREDITS: Orascom Gets Further Relief

Image from 2012 groundbreaking ceremony

Image from 2012 groundbreaking ceremony

The Branstad administration is giving more tax credits to an Egyptian company that’s building a fertilizer plant in Iowa.

The Iowa Economic Development board approved $25-million in new tax credits for Orascom.

The company is building a $1.8-billion fertilizer plant in Lee County.

The plant is expected to employ 165 people.

The state is now giving the company $82.5-million in tax incentives working out at around $500,000 for each job created.

Orascom is eligible for another $25-million in tax credits next year as well.

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