The South Dakota Board of Economic Development has approved a tax rebate of up to $2.43 million for AMTEC Corporation as the defense contractor expands its Tech Ord facility in Clear Lake.
The rebate, awarded through the state’s Reinvestment Payment Program, will cover up to 75% of eligible state sales and use taxes paid on the expansion project, which is expected to exceed $113 million in costs. The facility expansion will support increased ammunition manufacturing and strengthen South Dakota’s role in the defense industry.
The board also approved a $214,465 South Dakota Jobs Grant for Dakota Metal Recycling in Huron to help build the state’s first integrated metal collection, shredding and sorting facility.
Additional approvals included a $250,000 SD Works loan for Madison Family Dental, a $309,000 loan for Quality Nut & Bolt Company in Sioux Falls, and economic development grants for Ally Dakota Development and Elevate Rapid City.
AMTEC is the fifth company this year to receive approval for a Reinvestment Payment Program tax rebate.
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