Iowa officials back $1.5M tax break for beef processing plant

Iowa officials agreed Friday to provide a beef processing company with $1.5 million in tax breaks to help finance a $48 million expansion that will double its production.

The Iowa Economic Development Authority Board approved providing the Upper Iowa Beef plant in Lime Springs with about $863,000 in tax credits for job creation and nearly $650,000 in refunds of sales and other taxes the company will spend expanding and equipping the plant.

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Upper Iowa Beef, which purchases cattle from about 400 cattle producers in northeast Iowa, said it expects the project will create 172 jobs, the Des Moines Register reported.

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In November, U.S. Agriculture Secretary Tom Vilsack said Upper Iowa Beef would receive an $8.8 million federal grant for the expansion. The company said it expects the project will double the plant’s slaughter capacity to 800 cattle a day and boost employment to 350 people.

Upper Iowa Beef sells products to customers in 22 states and seven countries.

Source – https://www.foxnews.com/us/iowa-officials-back-1-5m-tax-break-beef-processing-plant

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