TAX CREDITS: Orascom Gets Further Relief
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.