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IOWA — Iowa leaders are tapping state reserves to cover a $130 million budget shortfall.
This is the second budget shortfall this fiscal year, and state agencies have already trimmed more than $100 million from their budgets. However, it is not stopping the state from handing out multi-million dollar tax breaks to corporations.
On Friday, the Department of Economic Development awarded Barilla a $375,000 forgivable loan and another $1.2 million in tax breaks. This will help offset a $64 million expansion of Barilla’s plant in Ames.
In 2015, Barilla reported a net profit of $160 million.
