A $61.7 million tax credit will help value-added agriculture businesses in seven Midwest states, according to the U.S. Treasury Department.
The department chooses which firms receive an allocation of tax credits through the New Markets Tax Credit Program. The program allows taxpayers to get a credit against federal income taxes for making qualified equity investments.
The federal agency chose Rural Development LLC to receive the $61.7 million in tax credits. The firm will use the money to develop value-added agricultural initiatives in the Midwest. Two of its recent projects include ethanol plants in Iowa.