Sales and Use Tax Rebate Programs Available for Livestock Development
Tuesday, May 14, 2019
In an effort to encourage more livestock development, the sale and use tax rebate programs (South Dakota Jobs Grant and Reinvestment Payment Program) are now available for that purpose. Last year, South Dakota counties turned down millions of dollars in capital investment related to livestock development. With the increased focus on agriculture at the Governor’s Office of Economic Development (GOED) with the Ag Development division relocating into the agency, the GOED saw an opportunity to address this very important issue.
The GOED recognized that there was an opportunity to utilize two existing programs within the agency that have existed for several years and have been used in other industries, rather than create a new program. “For counties that see livestock development as a fit, this provides them an additional tool,” said Steve Westra, commissioner, Governor’s Office of Economic Development. “The decision to pursue these projects is still completely under local control,” he added.
The use of the Reinvestment Payment and South Dakota Jobs programs can encourage growth in the ag economy and as an added benefit, there is a financial incentive for counties where these projects are located.
Westra also noted that this funding doesn’t impact any of the already established local or state regulations regarding livestock development.
If a county or a company has a project they think would be eligible, please contact John Austin, GOED Business Development Director, at (605) 773-4633.
Category: Resource, South Dakota, Business Growth