Supervisors Take Next Step In Tax Rebate For Sukup
28 Jan 2021
Over recent weeks, the Worth County supervisors proceeded with the next steps to provide a tax incentive to allow a developer to qualify for state funds.
In September of last year, the board of supervisors was approached with word that Sukup Manufacturing planned to expand in the Manly Logistics Park, north of Manly.
The company sought funding through the Iowa Economic Development Authority's High Quality Jobs (HQJ) program, which provides tax benefits for companies that undertake projects that include adding jobs.
To qualify, Sukup had to show that a local government was also lending its own financial support.
The supervisors approved proceeding with an urban revitalization plan in the area of the Manly Logistics Park and land nearby, where Sukup plans to expand.
Through the plan, the company will be able to apply for county tax exemptions on the amount of increased tax value, of up to 100% for three years or a sliding scale of exemptions over 10 years. A rough estimate of the increase in taxes discussed at previous meetings was about $10,000 per year.
The show of local financial support from the County was a necessity for Sukup to qualify for $141,984 in investment tax credits, and more than $23,000 in sales, service and use tax refunds. According to IEDA documents, Sukup planned to proceed with a project, estimated at $4.7 million, that would create 10 jobs that pay $19.09 per hour.
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