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Iowa Businesses Getting Tax Credits for Job Creation and Retention

IOWA  --  Two Iowa businesses are receiving large tax credit awards for creating and retaining jobs.

On Friday, the Iowa Economic Development Authority announced more than $280 million in capital investments. Archer Daniels Midland will receive more than $8.25 million for retaining 42 jobs; that is equivalent to over $196,000 per job. The agriculture processing company will use the funds to expand its Clinton location.

Michael Foods will receive over $3.8 million for creating up to 168 jobs, which is more than $23,000 for each job created. The company plans to build a 150,000 square foot facility in Norwalk to process pre-cooked egg products.