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
High Quality Job Creation Program (HQJP)
This program is designed to promote the creation of quality jobs by assisting businesses locating, expanding or modernizing their facilities in Iowa through a package of tax credits, exemptions, and/or refunds to approved businesses.
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, under a five year sliding scale.
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 and Le Mars Industrial Parks 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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