$243 million northeast Iowa soy processing plant snags $4.1 million in state tax credits

16 Apr 2021

News

A $243.4 million processing plant in northeast Iowa that's expected to crush nearly 40 million bushels of soybeans annually won $4.1 million in state tax credits Friday.

The Iowa Economic Development Authority board approved the funding for Shell Rock Soy Processing, with $2.25 million of the credits based on the size of the investment and the remainder as a sales tax refund on equipment purchases.

The board also approved incentives for two other projects. CJ Bio America near Fort Dodge will receive $675,600 in tax credits for a $20.5 million expansion and Sadler Power Train in Cedar Rapids will receive $31,500 in tax credits for a $2.1 million expansion. The projects each will create four new jobs.

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