High Quality Jobs
As businesses change and grow, flexible programs are needed to help businesses meet the demand of providing valued-added goods on a world-economy scale. Financial programs are available to assist companies like yours to promote growth and profitability while creating quality job opportunities for Iowans.
The High Quality Jobs program provides qualifying businesses tax credits to off-set the cost incurred to locate, expand or modernize an Iowa facility. To qualify for this very flexible assistance package that includes tax credits, exemptions and/ or refunds, a business must be a non-retail or non-service business and meet wage threshold requirements.
Eligibility Requirements:
- A business must meet wage thresholds requirements.
- Actual award amounts will be based on the business's level of need; the quality of the jobs; the percentage of created or retained jobs defined as high-quality; and the economic impact of the project.
Tax Incentives
The following tax incentives may be available:
- A local property tax exemption of up to 100% of the value added to the property to a period not to exceed 20 years may be available.
- A refund of state sales, service, or use taxes paid to contractors or subcontractors during construction.
- For distribution center projects, a refund of sales and use taxes paid on racks, shelving, and conveyor equipment.
- An investment tax credit equal to a percentage of the qualifying investment, amortized over five years. This tax credit is earned when the corresponding asset is placed in service and can be carried forward for up to seven additional years or until depleted, whichever occurs first.
- Download a Schedule of the Maximum Tax Incentive Award Available to a Business Based on Qualifying Jobs, Wages, & Investment.
- The State's refundable research activities credit may be doubled while the business is participating in the program.
How to Apply:
Applications for this and other financial programs are evaluated on a monthly basis. To assure your addition/expansion can benefit from this program, businesses must apply prior to the beginning of the project. The High Quality Jobs program can be used in combination with other state programs, except for the Wage-Benefit Tax Credit (awarded by the Department of Revenue) and the Enterprise Zone Program.
To Learn more:
Your first step in the process is contacting IDED. Our staff will guide you through the qualification process and help create the optimum package of assistance for your businesses' individual needs.
Phone: 515.725.3133 or 800.532.1215
E-mail: businessfinance@iowa.gov