DES MOINES, Iowa (AP) - Iowa economic officials have delayed action on a request by Deere & Co. to repay 25 percent of $7.1 million in tax credits for a $44 million expansion in Davenport.
The Moline, Ill.-based company says it created 300 jobs as pledged by 2005. But because of economic hard times, it isn't sure it will retain the manufacturing jobs until 2010, as the agreement requires.
The Iowa Economic Development Board on Thursday said it wanted more time to study repayment options.
Deere said in a letter to the state last month that returning $1.8 million in tax credits was a fair resolution.
Deere has laid off more than 1,000 workers since the beginning of the year.
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