User uShare Login | Register
Login
Register

Along with posting photos, videos, and stories, your uShare account lets you post Classified Ads, recipes on What's For Dinner, and Announcements.


54° View Weather Current Conditions Sioux Falls Change Location
Set Weather Options

RADAR LOCATION

TEMPERATURE LOCATION

Share your Photos, Videos, and Stories on uShare! Click here to get started.

KELOLAND.com | Sioux Falls News & Weather, South Dakota News & Weather, Minnesota and Iowa News

[0] My Saved Articles
Find local businesses
on the KELO Pages!

 

IA Tax Hike Could Jeopardize Lyon Co. Casino

February 10, 2011, 6:06 PM by Ben Dunsmoor

IA Tax Hike Could Jeopardize Lyon Co. Casino
LYON COUNTY, IA - The developers of the Grand Falls Casino have a meeting scheduled with Iowa's governor next week to talk about a proposal they say would jeopardize their project in Lyon County.

Newly-elected Republican Governor Terry Branstad wants to increase taxes on all casinos in the state. 

Governor Branstad's office says he is committed to his campaign promise of cutting corporate taxes in half to draw more businesses and jobs to Iowa.

But, to make up for that lost revenue Branstad wants to increase taxes on casinos from 22 percent to 36 percent. Grand Falls developers say the proposal would throw a wrench in their plans, and would not only kill the project but also the hundreds of jobs it would bring.

"It could have a dramatic affect on it if there's a suspension on construction activity," project manager Steve Leavitt said.

The casino is now less than four months from opening, but Grand Falls executives say a tax increase on gambling income would add up to an extra $8 million a year, which seriously jeopardizes their business plan and the project.

"It's a huge difference in the financial proforma of a facility, and a lot different than what the investors looked at when they made their decision to invest in the property in the first place," Leavitt said.

Iowa casino owners will meet with the governor next week, but since this is just a proposal crews will keep working while state leaders work out the details in Iowa's capitol.

"We're still going full steam at this time unless something changes. This proposal hasn't passed yet. If it would it may change something dramatically. I hope not," Leavitt said.

When KELOLAND News asked Governor Branstad's communications director about the claims that the tax increase will kill the Lyon County project, he responded by saying Iowa's casinos will do just fine even if they are taxed at 36 percent.

Previous Story

Next Story


Comments







 
Find Local Businesses on KELO Pages!

You may also like

16-Year-Old Sioux Falls Teen Found

9/15/2014 10:53 AM

According to Sioux Falls Police, 16-year-old Piper Hyser was found Sunday afternoon.

Full Story
Student Athlete Ineligible After Charity Event

9/18/2014 5:20 PM

A successful Estelline cross country athlete is being forced to sit this season out because she participated in a charity run aimed at keeping kids aw...

Full Story | Watch
Two Vehicle Crash Leaves One Person With Life Threatening Injuries

9/20/2014 12:35 PM

A two vehicle crash has left one person with life threatening injuries.

Full Story
Investigation At Canton Computer Business

9/17/2014 1:18 PM

Law enforcement are involved in a search at a Canton business.

Full Story
Vapshot Arrives In South Dakota

9/19/2014 9:55 PM

At spots like 18th Amendment, people can enjoy food, entertainment and an alcoholic drink, but the way people consume that drink could be changing dra...

Full Story | Watch


Events