The Iowa House has passed a bill designed to boost investment in high-risk, start-up businesses in Iowa, and the Iowa Senate’s expected to debate it next week. The bill would extend tax credits for “venture capital” investments, as Iowa ranks at the bottom of the states in “venture capital” investment. Representative Russell Teig (tyg), a republican from Jewell, says it’ll help generate “start-up” money for budding entrepreneurs. Representative Phil Wise, a democrat from Keokuk, says it’s a bold move to promote home-grown businesses. Critics point out there’s no requirement the tax breaks are for investments in Iowa businesses only. Some lawmakers were concerned the legislation would give tax breaks to those who invest in large-scale livestock operations and a separate bill will be drafted to make sure that doesn’t happen.
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