It’s been SINCE FRED HUBBELL SAID HE WOULD RELEASE HIS TAX RETURNS

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As a candidate for Governor, Fred Hubbell has spent considerable time criticizing what he calls “wasteful corporate giveaways.” But as a businessman and investor, Hubbell’s companies and pocketbook greatly benefited from the tax incentives he decries on the campaign trail.

1980s:

  • In 1985, Younkers received a $3 million bond and a three year property tax break to build a new warehouse and distribution center
  • Near the end of Hubbell’s tenure, Younkers owed the IRS over $6.9 million for back taxes, interest and penalties to the IRS. What happened? Hubbell refuses to say.

1990s:

  • In 1992, a Younkers building received a property tax cut of $153,000 (44%) from the City of Des Moines.

2000s:

  • From 2007 to 2014, Hubbell received a primary residence tax credit on his Scottsdale, Arizona property while simultaneously claiming a primary residence tax credit on his property in Iowa. Hubbell received over $4,200 in redundant tax credits.

2010s

  • In 2007, Fred Hubbell was appointed to the Iowa Power Fund by Democrat Governor Chet Culver.
  • After he took the position, Hubbell donated over $60,000 to Chet Culver campaign and Iowa Democratic Party.
    • 9/29/2011 #9098 Iowa Democratic Party $1,000.00
    • 8/03/2011 #9098 Iowa Democratic Party $10,000.00
    • 2/18/2011 #9098 Iowa Democratic Party $1,000.00
    • 7/30/2011 #5083 Chet Culver Committee $1,000.00
    • 10/8/2010 #5083 Chet Culver Committee $5,000.00
    • 7/12/2010 #5083 Chet Culver Committee $25,000.00
    • 3/30/2010 #5083 Chet Culver Committee $100.00
    • 12/3/2009 #5083 Chet Culver Committee $50.00
    • 12/10/2008 #5083 Chet Culver Committee $10,000.00
    • 5/12/2010 #9098 Iowa Democratic Party $150.00
    • 3/12/2010 #9098 Iowa Democratic Party $1,000.00
    • 7/17/2008 #9098 Iowa Democratic Party $5,000.00
    • 7/15/2008 #9098 Iowa Democratic Party $5,000.00
  • In 2010 and 2011, Hubbell voted to approve a $9 million grant to Dupont, a company he was personally invested in - even while another board member recused themselves.
  • In 2012, when Hubbell was on the board of Macerich they received tax increment financing from the City of Des Moines.
  • In March 2017, when Hubbell was on the Voya Financial board of Directors, the company received over $1 million in government incentives just to relocate its headquarters by three blocks. They received $553,000 in state tax credits and refunds, and over $600,000 in free parking from the City of Des Moines.
  • In May 2017, Hubbell Realty received $1.2 million in state historic tax credits for its Loft Apartments development in Des Moines. In 2010, Hubbell disclosed his investments in Hubbell Realty.
    • Hubbell Realty has also received over $4.4 million in tax credits from the state:
      • 1/13/2014: $500,000 for Rocket Transfer Lofts in Des Moines
      • 9/8/2014: $499,279 for West End Lofts in Des Moines
      • 2/1/2016: $500,000 for Cityville on 9th in Des Moines
      • 6/1/2015: $500,000 for Brownstones on 7th in Des Moines
      • 7/14/2017: $100,000 for Spaulding Lofts West in Des Moines
      • 10/21/2016: $650,000 for HRC 8th Street in Des Moines
      • 9/18/2018: $256,117 for 12th Street Lofts in Des Moines
      • 9/18/2018: $500,000 for Beaverdale Senior Housing in Des Moines

This isn’t even the full story because Fred Hubbell refuses to disclose his tax returns and his sources of income!

PAID FOR BY THE KIM REYNOLDS FOR IOWA COMMITTEE