Iowa Groups Get $215 Million In Tax Credits

WASHINGTON (AP) — Iowa Sen. Tom Harkin says the U.S. Treasury Department has awarded $215 million in tax credits to three Iowa-based organizations.

The funding was included in the American Recovery and Reinvestment Act passed by Congress earlier this year.

According to Harkin, $80 million of the funding will go to Rural Development Partners LLC of Mason City. The organization provides loans and equity investments to agribusinesses, commercial forestry operations, and alternative energy companies in distressed rural communities.

The $70 million going to the Iowa Community Development LC of Johnston will fund advanced manufacturing, life science, information technologies, retail, and value-added agriculture processing projects.

Midwest Renewable Capital of Grimes will get $65 million to provide below market rate capital to renewable energy businesses and "green" real estate projects.