Tax & Financial Incentives
For information on Business Opportunities and Incentives contact
Neal Adler or Jayne McGuire at 712-546-8821. 
The State of Iowa, the City of Le Mars and utility
partners offer an array of local and state tax and financial
incentive programs. The programs are designed to provide new,
existing and start-up ventures with a key ingredient to help
the business grow and create new opportunities for our community
and state.
Iowa Business Tax Advantages
and Tax Credits
- No corporate income tax
on profits from sales outside of Iowa
- Fifty percent deductibility
of Federal Taxes from Iowa Corporate Income Tax
- New jobs tax credit
- No property tax on newly
purchased manufacturing machinery, equipment and computers
used in processing
- No sales or use tax on manufacturing
machinery, equipment and computers used in processing
- No personal property (inventory)
tax
- Research and Development Tax Credit
Community Economic Betterment Account (CEBA)
The CEBA program provides financial assistance to companies
that create new employment opportunities and/or retain existing
jobs, and make new capital investment in Iowa. The amount of
funding is based, in part, on the number of jobs to be created/retained.
Funds are provided in the form of loans and forgivable loans.
Economic Development Set-Aside Program (EDSA)
The EDSA program provides financial assistance to companies
that create new employment opportunities and/or retain existing
jobs, and make new capital investment in Iowa. The amount of
funding is based, in part, on the number of jobs to be created/retained.
Funds are provided in the form of loans and forgivable loans.
At least 51 percent of the created/retained employment opportunities
must be made available to individuals presently earning wages
defined as low-and-moderate income.
Value-Added Products and Processes Financial Assistance Program
(VAAPFAP)
The Value-Added Agricultural Products and Processes Financial
Assistance Program seeks to increase the innovative utilization
of Iowa's agricultural commodities. It accomplishes this
by investing in the development of new agri-products and new
processing technologies. Financial assistance is provided in
the form of loans and forgivable loans.
New Jobs and Income Program (NJIP)
The Iowa New Jobs and Income Program provides a package of tax
credits and exemptions to businesses making a capital investment
of at least $11.4 million and creating 50 or more jobs meeting
wage and benefit targets. Qualifying businesses participating
in NJIP receive substantial benefits.
Iowa Industrial New Jobs Training Program (260E)
The Iowa Industrial New Jobs Training Program provides customized
classroom instruction, on-the-job training and other training
activities for employees in newly created jobs. An employer
may be reimbursed up to 50 percent of new employees' wages
for on-the-job training. All training is customized to the company's
special needs. Community colleges finance the program by the
sale of tax-exempt bonds which are repaid by the tax revenue
generated by the salaries and capital invested to support the
new jobs. As a result company profits are not used to repay
the bonds.
For more information on State of Iowa financial
assistance programs, visit the Iowa
Department of Economic Development online.
City
of Le Mars Tax and Financial Assistance Programs
Tax Increment Financing
If your business is located in one of the designated urban renewal
areas or tax increment financing areas, it may be eligible for
public improvement financing that uses the incremental taxes
that the project will generate.
Property Tax Exemption
Within industrial properties, the City has the authority to
abate from property taxation, the actual value added by new
construction to the property.
Industrial Revenue Bonds
The City has the ability to issue bonds for some economic development
projects. Such bonds are normally issued at a lower rate of
interest than otherwise available to the business.
Siouxland Economic Development Corporation (SEDC)
The SEDC is a tri-state nonprofit organization which administers
loan programs including an SBA microloan program, SBA 504 loan
program and a revolving loan fund.
Le Mars Business Initiative Corporation (LBIC)
The LBIC is a not-for-profit organization which offers financial
assistance in the form of low interest loans. The LBIC also
offers reduced prices on lots in Killeas Industrial Park based
upon job creation and minimum assessment agreements.
Utility
Partners Financial Assistance Programs
Mid American Energy
The utility company provides financial assistance to start up
and expanding businesses in its service area.
Northwest Iowa Power Cooperative (NIPCO)
To promote economic development in its service area, NIPCO offers
financial assistance through several programs as well as providing
land and building data.
State
of Iowa Entrepreneurial/Small Business Development Financial
Assistance Programs
Venture Project Component of the Community
Economic Betterment Account (CEBA)
The Venture Project Component of CEBA makes equity-like investments
of up to $250,000 to start-up and early-stage businesses.
Entrepreneurial Ventures Assistance (EVA)
The Entrepreneurial Ventures Assistance (EVA) program provides
financial and technical assistance to early-stage technology
companies. An eligible business must be located in Iowa and
in an industry sector offering the greatest start-up and growth
potential for the state, including but not limited to:
biotechnology, recyclable materials, software development and
computer related products, advanced materials, advanced manufacturing,
and medical and surgical instruments. To qualify, applicants
must have completed or must be participating in entrepreneurial
training from a John Pappajohn Entrepreneurial Center, or have
comparable training and/or experience. Businesses engaged in
retail sales, the provision of health care or professional services,
and distributors of products or services are not eligible for
EVA funds. Financial assistance of up to $50,000 may be awarded
for the purchase of machinery and equipment, and other business
acceleration expenses.
Targeted Small Business Financial Assistance
Program (TSBFAP)
The TSB Financial Assistance Program is designed to assist in
the creation and expansion of Iowa small businesses that have
an annual gross sales under $3 million and are at least 51 percent
owned, operated and managed by women, minorities or persons
with a disability.
Self-Employment Loan Program (SELP)
This program is designed to assist in the creation and expansion
of businesses owned, operated and managed by women, minorities,
or persons with a disability. To qualify for a SELP loan, applicants
must have an annualized family income that does not exceed current
income guidelines for the program.
Entrepreneurs With Disabilities (EWD)
The EWDI program helps qualified individuals with disabilities
establish, acquire, maintain or expand a small business by providing
technical and financial assistance. To be eligible for the program,
applicants must be active clients of the Iowa Department of
Education Division of Vocational Rehabilitation Services or
the Iowa Department for the Blind
For more information on State of Iowa Entrepreneurial/Small
Business Development Programs, visit the Iowa
Department of Economic Development online.
Le Mars Main Street
Program
To encourage property owners and tenants to make improvements
to building facades within the main street area, this program
offers grants to offset a portion of the costs. Design assistance
is also available through a no-cost program sponsored by the
Le Mars Main Street.
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