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Financial Assistance

  Tax Incentives
  State of Iowa

Financial Assistance

 

LOCAL & REGIONAL

Tax Increment Financing (TIF)

New Business Financing Lots in IowaUnder the Tax Increment Financing (TIF) program, businesses are given the incentive to construct new industrial or commercial facilities by receiving direct benefit from the property tax increase caused by the added value of those new facilities.

How It Works
1. Business constructs new industrial or commercial facility
2. New facility increases property tax assessed on the business
3. City councils or county board of supervisors may use the additional property tax to:
      o Finance direct grants or loans to the business.
      o Offset the costs of public improvements or provision of utilities to serve the new private development.
      o Provide the local match for federal or state economic development assistance programs.

Revolving Loan Fund (RLF)

The Region XII Development Corporation Revolving Loan Fund is used to encourage the development of new businesses and expansion of existing businesses in Carroll County. Manufacturing, service and retail businesses that plan to locate or expand in Carroll County are eligible to apply for a low-interest loan. Projects involving retention of jobs are also eligible for assistance. The maximum term is ten years, with a portfolio average of five years. The minimum size of a RLF loan is $5,000. The maximum award is $250,000.

Additional Tax Options & Exemptions

Local Property Tax Abatement & Exemption — Iowa law allows cities and counties to abate local property taxes for improving industrial real estate. The most common amount of actual value added at a new or expanded facility, which is eligible to exempt from taxation, is as follows:

Year One: 75% — Year Two: 60% — Year Three: 45% — Year Four: 30% — Year Five: 15%

Other types and terms of local property tax incentives are available. City councils or county 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 or industry. Tax Increment Financing may be used to offset the cost of public improvements and utilities that will serve the new private development, to finance direct grants or loans to a company, or to provide the local match for federal or state economic development assistance programs.

Pollution Control or Recycling Property Tax Exemption — Improvements to real property that are primarily used to control pollution of air or water, or primarily used for recycling, may qualify for a property tax exemption.

 

For more information about Financial Assistance programs
that may be useful for your project, contact:
Jim Gossett, CEcD
Carroll Area Development Corporation
cadc@carrolliowa.com
www.carrollareadev.com
712.792.4383

 
   
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