The Iowa Senate passed an economic development budget bill worth $78.5 million 26-24 Democrats on Wednesday.
The Des Moines Register reports Democrats said the bill would support Gov. Branstad’s efforts to create 200,000 jobs across the state.
Senate File 430 would equal an increase of $40.8 million to spending in the current state budget year and an increase of $5.6 million to Branstad’s spending recommendations.
Republicans opposed the bill due to how much it would increase spending.
Key points of the bill include financial incentives for businesses, Main Street programs and wage theft.
The bill would provide funds for loans and forgivable loans. Businesses would be able to use these loans to expand and attract new businesses to Iowa.
Main Street Programs:
Grants for the improvement of the infrastructure of historic commercial districts would receive an additional $3 million.
Under the bill, the state’s Labor Services Division would receive the fund to hire two more full-time employees. These employees would investigate wage theft claims.
Check out the original article for more about Senate File 430.