Page "Tom Vilsack" Paragraph 8

The first year of his second term saw creation of the Grow Iowa Values Fund, a $ 503 million appropriation designed to boost the Iowa economy by offering grants to corporations and initiatives pledged to create higher-income jobs.

Vilsack used a line-item veto, later ruled unconstitutional by the Iowa Supreme Court, to pass the fund, vetoing portions of the bill that would have cut income taxes and eased business regulations.

After a special session of the Iowa General Assembly on September 7, 2004, $ 100 million in state money was set aside to honor previously made commitments.

The Grow Iowa Values Fund was reinstated at the end of the 2005 session: under the current law, $ 50 million per year will be set aside over the next ten years.