State to consider $11.5 million in tax credits for Prestage project

Iowa economic development leaders will consider providing about $11.5 million in tax credits for Prestage Farm’s $240 million proposed hog processing plant near Eagle Grove. Prestage, a North Carolina hog and turkey producer, would need to create 922 jobs, with 322 of them paying a minimum of $15.54 an hour, plus benefits, to receive the incentives. About $8.6 million of the state tax credits are based on new job creation and nearly $2.9 million would be a rebate of sales taxes and other fees the company paid during construction.  Tina Hoffman, the agency’s spokeswoman, said the state incentives are similar to those offered Prestage when it considered locating the project in Mason City.