Iowa approves token sales tax refund for corn-based ethanol facility

In Iowa, the state’s Economic Development Authority has awarded farmer-founded Amazing Energy Atlantic a $4.25 million refund of sales tax to support its 150 million gallon corn-based ethanol facility that has been under development since 2006. In 2012, Ron Fagen, founder of Fagen Inc., bought the facility site and has been trying to get the $190 million project off the ground. The investors also sought $13 million in investment tax credits but that request was denied not because the project wasn’t supported by the IEDA’s board but because it is trying to promote investment in second-generation facilities.