Iowa Economic Development Authority Due Diligence Committee Meeting Agenda March 2025
Ingredion Awarded $1.1 Million in Tax Credits for Plant Expansion
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Description
The Iowa Economic Development Authority awarded Ingredion, Inc. up to $1,140,469 in tax credits comprising $910,000 in sales and use tax refund and $230,469 in investment tax credit to support a major expansion at its Cedar Rapids facility. The project includes new construction, equipment, and is expected to create four new jobs.
Contract Details
Contract Amount
Up to $1,140,469 in tax credits ($910,000 Sales and Use Tax Refund, $230,469 Investment Tax Credit)
Vendor
INGREDION INC
Agency
Iowa Arts Council, IA
Contract Type
FINANCIAL_SERVICES
Document Date
March 21, 2025
Contract Term
Award Date: March 21, 2025; Performance Completion: March 31, 2028; Maintenance Completion: March 31, 2030
Renewal Date
2030-03-31
Renewal Info
Initial award; no prior awards for this project. The investment tax credit is to be amortized over five years; renewal not applicable unless future amendments occur.
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