High Quality Job Creation Program (Iowa)
Last modified on February 12, 2015.
|Applies to States or Provinces||Iowa|
|Name||High Quality Job Creation Program (Iowa)|
|Policy Category||Financial Incentive|
|Policy Type||Corporate Tax Incentive|
|Affected Technologies||Biomass/Biogas, Coal with CCS, Concentrating Solar Power, Energy Storage, Fuel Cells, Geothermal Electric, Hydroelectric, Hydroelectric (Small), Natural Gas, Nuclear, Solar Photovoltaics, Wind energy|
|Implementing Sector|| State/Province
|Program Administrator||Iowa Economic Development|
|Primary Website|| http://www.iowaeconomicdevelopment.com/Finance/HQJ
| Last Substantive Modification
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 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.
- Created jobs must pay at least 100% of the qualifying wage threshold at the start of the project and 120% of the qualifying wage threshold by project completion and through the project maintenance period.
- Retained jobs must pay at least 120% of the qualifying wage threshold throughout the project completion and maintenance periods.
- The business must provide a sufficient benefits package to all full time employees that includes at least one of the following: -- Business pays 80% of medical and dental premiums for single coverage plans, OR -- Business pays 50% of medical and dental premiums for family coverage plans, OR -- Business pays for some level of medical and dental coverage and provides the monetary equivalent value through other employee benefits.
- The State's refundable research activities credit may be increased while the business is participating in the program.
- 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.
- 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.
- A refund of state sales, service or use taxes paid to contractors or subcontractors during construction.
|Department|| Iowa Economic Development
Authorities (Please contact the if there are any file problems.)
|Authority 1:||Iowa Code, Chapter 15|
|Date Enacted|| 2009