• by Ray Schultz , August 22, 2022

Dotdash Meredith is giving up a deal with the state of Iowa in which it was to receive tax incentives for hiring and keeping workers in Des Moines. 

The publishing company was to receive $460,000 in tax credits and refunds under the arrangement, in return for adding 41 employees by March 2021 for at least $29.12 per hour and retaining them through March 2023, according to the Des Moines Register.

The Iowa Economic Development Authority awarded the incentives in 2018 after Meredith’s acquisition of Time Inc. for $2.8 billion, the Register continues. Time was subsequently acquired by Salesforce founder Marc Benioff for $190 million, and Dotdash acquired Meredith for $2.7 billion last year.

Dotdash Meredith informed the Iowa Economic Development Authority (IEDA) in an August 10 letter that it would close the tax-incentive contract. 

The company has not received the incentives, an IEDA compliance leader wrote to the authority’s board.