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.