INCENTIVES
Iowa Industrial New Jobs Training Program
(260 E)
This program is set to assist businesses, which are creating new positions, with new employee training, through Iowa Central Community College. Eligible businesses may be new to Iowa, expanding their Iowa workforce, or relocating to the state. Employees qualifying for training services must be in newly created positions and pay Iowa withholding taxes.
For more information please visit www.iccc.cc.ia.us.
Iowa Jobs Training Program (260 F)
Through Iowa Central Community College, and the State of Iowa. This program provides job training services to current employees of eligible businesses that are located in Iowa. Job training services are defined, as any training needed to enhance the performance of a business' employees.
For more information please visit www.iccc.cc.ia.us.
Single Factor Corporate Income Tax
Iowa is the only state with a single factor corporate income tax, meaning only the profits from products sold for delivery in the state are taxed.
Deduction of Federal Tax
In Iowa, half of the federal income tax on corporations can be deducted from net income to arrive at the state's taxable income. For personal income tax, 100% of the federal income tax is deducted.
Sales & Use Tax
The repeal of sales and use tax on business equipment, machinery and computers is an added incentive for new industry
Community Economic Betterment Account (CEBA)
Provides financial assistance to companies that create new quality employment opportunities and/or retain existing jobs, and make new capital investment in Iowa.
Economic Development Set-Aside Program (EDSA)
Provides financial assistance to companies that create new quality employment opportunities and/or retain existing jobs, and make new capital investment in Iowa. The EDSA program is targeted toward low- and moderate-income individuals.
Seeks to increase the innovative utilization of Iowa's agricultural commodities
This program is designed to promote the creation of quality jobs by assisting businesses locating, expanding or modernizing their facilities in Iowa through a package of tax credits, exemptions, and/or refunds to approved businesses.
For information on these and many other programs offered through the Iowa Department of Economic Development, visit http://www.iowalifechanging.com/business/financial_assistance.aspx.
Local Incentives
Industrial Tax Exemption
Cities and counties in Iowa are allowed to give industries tax exemptions for the actual value added industrial real estate through new construction and through buying or improving machinery and equipment assessed as real property. (Subject to approval by the City Council)
Commercial Tax Abatement
Property tax abatement is available, upon application, for greater than 20% increases in valuation in non-tif areas in Storm Lake.
Tax Increment Financing
Firms may apply for TIF for properties in designated areas in Storm Lake.