The State of Iowa has several business tax incentives available based on the type of business venture and job creation efforts. Revolving loan funds are available through several organizations to assist businesses, of all sizes, in their growth in Buchanan County. Property tax relief and infrastructure enhancements are additional options for incentives that can be made by local governments to assist in growing business in Buchanan County, Iowa.
The Buchanan County (IA) Economic Development and the local community government will work with state and regional partners to assemble a completive incentive package to attract an employer and offer sustainable growth for the local area.
The BCED offers low interest loans to assist with your location needs. Funds are based on job creation, wages and private investment.
State of Iowa Incentives for Business
The State of Iowa was ranked in 2009 and 2010 as the#1 State in the US for Cost of Doing Business by CNBC.
Our state offers a comfortable corporate income tax based on total in-state sales revenue, no property, sales or use tax on industrial machinery and equipment, no personal property (inventory) tax, and no sales and use tax.
Regional and Local Incentives for Business
The Cedar Valley Region offers a variety of tools to help new and expanding business make effective decisions on financing and cost savings of their project. These tools not only include loan programs, but may include tax incentives, special building and site pricing, direct financial assistance and more.
- Tax Increment Financing (TIF) – City councils or boards of supervisors may use the property taxes resulting from the increase in taxable valuation caused by the construction of new industrial or commercial facilities to provide economic development incentives to a business.
- Local Tax Abatement – Iowa law allows cities and counties to abate local property taxes for value added to industrial real estate.
- Direct Financial Assistance – Counties and communities in the region have access to a variety of local and regional business growth incentive tools including revolving loan funds and local development corporation funds.
Employee Training Assistance
The community colleges serving the region provide an array of employee training resources to help businesses maintain a competitive edge and administer the State of Iowa jobs training assistance programs including:
- Iowa New Jobs Training Program (260E) – Provides no cost-or reduced-cost job training services to new employees of eligible businesses. The assistance can be used for basic skills training to highly specialized, customized training. Businesses entering into an agreement may also qualify for New Jobs Tax Credit.
- Iowa Jobs Training Program (260F) – Provides job training services to current employees of eligible businesses that are located in Iowa. The assistance can be used to train workers to learn new technologies, upgrade existing skills and enhance productivity in a variety of ways.
- Trade and Industry Training – Provides technical and industrial training for businesses and individuals including welding, safety and OSHA, electrical, carpentry, plumbing, and HVAC. Learn something new, brush up existing skills, or earn continuing education credits to maintain your professional license.
Small businesses and entrepreneurs are a valuable asset to any community. Below are links to help support your growth or new idea. Support is available for business planning, financing, licensing or educating you to be a better professional.
Small Business Support
- UNI Regional Business Center
- Renew Rural Iowa
- Center for Industrial Research and Service(CIRAS)
- Targeted Small Business Assistance