South Dakota’s economic development board approves $66K sales tax rebate for Sioux Falls lab

South Dakota’s Board of Economic Development this week approved a sales tax rebate of up to $65,804 for a Sioux Falls lab. The assistance for OmegaQuant comes from the state’s New Frontiers program, which supports qualifying research and clinical trials. The rebate will help fund additional research to develop blood fatty-acid-based algorithms to predict insulin resistance early, according to the Governor’s Office of Economic Development. The payment reimburses sales and use taxes paid on research and development costs associated with the project, including qualifying research equipment and supplies. “The research has the potential to lead to new commercially viable testing tools developed and offered from South Dakota,” according to the office’s press release. The office said the project is also supported by a $1 million grant from the National Institute of Diabetes and Digestive and Kidney Diseases, which is part of the U.S. Department of Health and Human Services.

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