Local Programs

There are many local programs available to help you start your business off on the right foot, or help your current business continue to grow. 

Here are a few that are available:

  1. Our industrial park is in a New Market Tax Credit Zone. This alone could provide your company with approximately 20% of your project total cost
  2. Incentives and forgivable loans are available from the Iowa Department of Economic Development in the amount of $3000.00 to $5000.00 for every job created over the first five years of company operations .
  3. The City of Bloomfield has designated our industrial park as a Tax Increment Financing district. The benefit here is typically figured as the tax assessed value x the tax levy x 10yrs x 75% = benefit. It comes to about $300,000.00 for each $1,000,000.00 of final assessment but there is room for some flexibility
  4. State of Iowa paid employee training programs are available thru  our  area community colleges. Indian Hills Community College  is one of the best and  will be very flexible and very creative with these programs to suit your needs.
  5. There are various revolving loan funds available for your use. Interest rates are generally around 4% or less and there is a total of over $500,000.00 available.
  6. A special program from the USDA could result in a  $750,000.00 @ 0% pass through loan.
  7. Finally the best incentive of all is the people and community of Davis County. You can and will be happy and successful here. The Davis County Development Corporation is ready to help you in any way we can.

Please keep in mind all these incentives must be applied for and approved by various boards and government bodies but they have all been used before and are there to help projects like yours become a reality.  A good place to start is the State of Iowa Project Review Form that is available through the Davis County Development Corporation office.   

Iowa Corporate Income Tax
A number of features of Iowa's corporate income tax offer significant advantages when compared to other states' corporate taxes.
  • fifty percent deductibility of federal taxes from Iowa corporate income tax.
  • Single-factor, non-unitary tax.  Iowa's tax is based only on the percentage of total sales income within the state.
  • Iowa corporate income tax may be reduced or eliminated by the New Jobs Tax Credit, High Quality Job Creation Program or Enterprise Zone benefits.
No Sales or Use Tax on Manufacturing Machinery and Equipment Purchases
  • Manufacturing machinery and equipment, as well as, computers used to process data by insurance companies and financial institutions is exempt from property tax.  Pollution control equipment is eligible for exemption from property tax.
No Personal Property (Inventory) Tax
  • Personal property is not assessed for tax purposes.  In Iowa, personal property includes corporate inventories of salable goods, raw materials and goods-in-process. 
No Sales Tax on Electricity or Natural Gas
  • No sales tax is due on purchases of electricity or natural gas used directly in the manufacturing process. 
Unemployment Insurance
  • Iowa has the lowest new employer unemployment insurance rates in the nation.  The rate for all non-construction businesses is 1% for a 3-year period.
Workers' Compensation Cost
  • Iowa's worker's compensation costs are among the nations lowest.  The average cost of worker's compensation insurance for manufacturers in Iowa is 25% lower than the national average.
Regulatory Assistance
  • The Regulatory Assistance Program enhances the range of services available to Iowa companies by advising and assisting companies in the preparation and submission of permit application with the Iowa Department of Natural Resources (DNR) and other Iowa regulatory agencies.  The mission of the regulatory Assistance Program is to facilitate communication between the business and regulators and to expedite the permitting process.
Iowa is a Right-To-Work State
  • Under Iowa law an employer may not be required to join a union or pay dues or fees to any labor union, association or organization as a condition of employment.


Best of all none of these incentives excludes you from any of the others

For more information, assistance in applying, or to find out about all your options, contact us now and we'll be happy to help!
 

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