The Iowa Economic Development Board approved state incentives for several companies today.
Spokesperson Tiffany Hoffman says Diamond V Mills in Cedar Rapids won state incentives for an expansion.
“They’re planning to invest $28 million in the project that would ultimately would create 16 jobs. So, the board today awarded tax benefits through the high quality jobs program to help them complete that project,” Hoffman says. The company makes animal health products. A company in western Iowa which supplies various technology to businesses also won state incentives.
“Time Management Systems in Sioux City is proposing the construction of a new building which will double the size of their current location, ” Hoffman says, “and the board awarded tax benefits through a special pilot program that is available to border communities called the Targeted Jobs Withholding Tax Credit program.” Hoffman says it uses an incentive that’s unique.
She says it takes a percentage of the withholding taxes from any new jobs created and uses that as an incentive for the company. The company plans and investment of a little more than $490,000, creating seven jobs and retaining 10 positions. Hoffman says it is designed to help the communities along the state’s borders.
“If you think about South Dakota having no state income tax compared to Iowa — sometimes the playing field needs to be leveled. So, the intent behind the program is to offer another program that can help to do that,” Hoffman says.
The DED Board also approved incentives for Tyson Fresh Meats pork processing facility in Storm Lake.”They are proposing an expansion to add capacity to the existing building that they have,” Hoffman says. “they are intending to invest 30 million dollars in this new project that would create eight additional jobs.” She says they won incentives from the High Quality Jobs Program. The jobs will pay $18.35 an hour.