The State of Iowa supports business growth through direct financial assistance and tax incentives.
During the 2012 Legislative Session, the legislature expanded the High Quality Jobs Program to offer $15 million in direct financial assistance in addition to various tax incentives. The program is designed to help Iowa businesses expand, prevent current businesses from leaving Iowa, and encourage new businesses to locate in Iowa.
Since its inception, the High Quality Jobs Program has already generated $7.4 billion in capital investment, helped create 13,820 high paying jobs, and produced $2 in tax revenues for every $1 in tax incentives. The inclusion of a direct financial assistance component, which launches in the fall, strengthens Iowa’s job creation efforts.
In addition to the High Quality Jobs Programs, EDA offers support through their targeted small business program, the demonstration fund and their enterprise zone program. The Demonstration Fund provides financial and technical assistance to high technology prototype and concept businesses. The primary purpose of the fund is to help businesses with a high-growth potential reach a position where they are able to attract later stage private sector funding.
Local communities also use Iowa’s Enterprise Zone initiatives designed to stimulate development by targeting economically distressed areas in Iowa. Through state and local tax incentives, businesses and developers are encouraged to make new investments, and create or retain jobs in these areas. The goal of the program is to revitalize these areas and make them competitive with other locations throughout the state.
For more information regarding businesses assistance in Iowa, log on to www.iowaeconomicdevelopment.com.