The State provides financial assistance for qualified businesses through several economic incentive programs. These programs are administered through the Iowa Department of Economic Development and approved at the discretion of the Iowa Department of Economic Development Board.
High Quality Job Creation Program
Provides qualifying businesses with tax benefits to offset the costs incurred to locate, expand or modernize.
Iowa New Jobs Training Program
Provides businesses expanding their Iowa workforce with new employee training. The program made available through the community colleges is administered locally by Kirkwood Community College. The program is paid for by the new employees' withholding taxes at no cost to the employee or the company.
Redevelopment Tax Credit Program
State and federal incentive programs exist that can make the purchase and redevelopment of a Brownfield site a good economic opportunity for many businesses. These incentive programs exist because Brownfield redevelopment can promote general economic health by reducing environmental hazards, cleaning up neighborhood eyesores, creating jobs, boosting tax revenue, and so on.
Workforce Housing Tax Credits
Developers building or rehabilitating housing in Iowa may be eligible to receive certain state tax incentives. House File 2448 repealed the Housing Enterprise Zone (HEZ) program and established the Workforce Housing Tax Credit Program (WHTC).
Related Links
Cedar Rapids Metro Economic Alliance
Go Cedar Rapids
Iowa Department of Economic Development
