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.
Provides State funded assistance for qualified businesses locating within a designated distressed area as approved through the local Enterprise Zone Commission that is appointed by the City Council. Assistance includes a number of sources including an investment state tax credit, a research/development state tax credit, and refund of sales tax on materials for construction. Enterprise Zones also provide for property tax exemptions subject to City Council approval. It should be noted that Enterprise Zone assistance also applies to qualified residential development. For the purpose of this declaration, the following objectives/criteria only applies to economic development projects
Enterprise Zone Commission Agendas
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.
Community Economic Betterment Account (CEBA) & Economic Development Set-Aside (EDSA)
Provide financial assistance to companies that create new employment opportunities and/or retain existing jobs and make capital investment in Iowa. Funds are provided in the form of loans and forgivable loans.
101 First Street SE
Cedar Rapids IA, 52401
Phone: (319) 286-5041