Purpose

To promote new economic development and attract private investment in economically distressed areas.

Eligibility

• Location of project must be within a State Designated Enterprise Zone.
• Minimum capital investment of $500,000 is required.
• Company must create at least 10 full-time positions and maintain these positions for 10 years.
• Company must pay an average of $9.50/hour for all new positions and not less than $7.50/hour per position.
• Company must provide a minimum of 80% of the cost of a standard medical and dental insurance plan (with options available in lieu of a dental plan).
• Affidavit from the company is required that states that it has not violated state or federal environmental and worker safety statutes, rules, and regulations within the last five years.

Tax Benefits

• 10% State of Iowa Investment Tax Credit (with a carry forward of 7 years).
• 13% Research and Development Activity Corporate Tax Credit (refundable).
• Iowa Industrial New Jobs Training Fund (260E) - apply 3% credit in calculating training fund.
• 100% sales, services, and use tax refund on materials and services provided, including utilities, in construction contracts.
• Property Tax Abatement on Value-Added Improvements.
  

For additional information, please e-mail OED@dmgov.org or call (515) 283-4004.