Iowa Governor Kim Reynolds along with Lt. Governor Adam Gregg and Apple (AAPL) - Get Apple Inc. (AAPL) Report CEO Tim Cook will announce the tech titan's plans to make a "significant" investment in the state, the office of the Governor of Iowa announced.

It has been reported that Iowa will grant Apple $208 million in state and local tax benefits and in return the company will construct two new data storage centers near Des Moines.

Apple has also reportedly pledged to create 50 jobs in conjunction with the centers' openings and to purchase 2,000 acres of land for the estimated $1.4 billion initiative.

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