Storm Lake, IA 50588 1-888-752-4692
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Financing your Business
State Incentives
- Iowa Industrial New Jobs Training Program (260 E)
This program is set to assist businesses, which are creating new positions, with new employee training, through Iowa Central Community College. Eligible businesses may be new to Iowa, expanding their Iowa workforce, or relocating to the state. Employees qualifying for training services must be in newly created positions and pay Iowa withholding taxes. www.iccc.cc.ia.us
- Iowa Jobs Training Program (260 F)
Through Iowa Central Community College, and the State of Iowa. This program provides job training services to current employees of eligible businesses that are located in Iowa. Job training services are defined, as any training needed to enhance the performance of a business’ employees. www.iccc.cc.ia.us
- Single Factor Corporate Income Tax
Iowa is the only state with a single factor corporate income tax, meaning only the profits from products sold for delivery in the state are taxed.
- Deduction of Federal Tax
In Iowa, half of the federal income tax on corporations can be deducted from net income to arrive at the state’s taxable income. For personal income tax, 100% of the federal income tax is deducted.
- Sales & Use Tax
The repeal of sales and use tax on business equipment, machinery and computers is an added incentive for new industry
Local Financial InstitutionsMetaBank
Fifth at Erie
PO Box 1307
Storm Lake, IA 50588
712-732-4117
Citizen’s First National
Bank
East Fifth and Lake Avenue
P.O. Box 1227
Storm Lake, IA 50588
712-732-5440
Central Bank
600 Lake Avenue
P.O. Box 578
Storm Lake, IA 50588
712-732-2190
Security Trust & Savings
Bank
601 Lake Avenue
PO Drawer 429
Storm Lake, IA 50588
712-732-3022
Northwest Federal Savings Bank
730 Lake Ave.
Storm Lake, IA 50588
Phone: 712-732-1070
A full service community bank offering a full line of products designed
to
meet all of your financial needs
Heritage Bank NA
202 Main Street
Alta, IA 51002
712-200-1234
Iowa Department of Economic Development Incentives
Community Economic Betterment Account (CEBA)
Financial assistance program for companies creating new jobs in Iowa
Economic Development Set-Aside (EDSA)
Financial assistance program for businesses creating new jobs for low- to- moderate income individuals in cities under 50,000
For information on these and many other programs offered through the Iowa Department of Economic Development, visit www.iowasmartidea.com/programs.html
Local Incentives
Industrial Tax Exemption
Cities and counties in Iowa are allowed to give industries tax exemptions for the actual value added industrial real estate through new construction and through buying or improving machinery and equipment assessed as real property. (Subject to approval by the City Council)
Commercial Tax Abatement
Tax Increment Financing (Industrial Park)
Iowa Workforce Development
Local office provides information and services on recruitment, labor market, tax and labor laws, and job listings. A cost-effective resource for new and expanding businesses. www.iowaworkforce.orgThrough SLADC
Revolving Loan Fund
The SLADC Revolving Loan Fund offers financial assistance to be used in conjunction with the owner’s equity, commercial loans, and state assistance. This fund may be used for purchase of land, buildings, construction, remodeling, machinery, and more. Awards may take the form of short term loans, guaranteeing a portion of the commercial financial package, and participation in a loan made by a commercial lender. For more information, contact the Storm Lake Area Development Corporation.
Storm Lake Area Development Corp is an Equal Opportunity ProviderThrough Buena Vista County
The County offers “Special Valuation Assessment for Wind Conversion Property” as allowed by Iowa Code Section 427B.26. The county assessor for property tax purposes will assess as follows: 1. For the first assessment year, at zero percent (0%) of the net acquisition cost.
2. For the second through sixth assessment years, at a percent of the net acquisition cost which rate increases by five percent (5%) each assessment year.
3. For the seventh and succeeding assessment years, at thirty percent (30%) of the net acquisition cost.
The County has established a Tax Increment Financing District located in the unincorporated area (Section 7, Providence Twp) adjacent to the Storm Lake Industrial Park. If a project is approved, taxes pledged by the County could be used for the payment of the principal and interest on loans, advances, bonds issued under the authority of Section 403.9(1) of the Code of Iowa, or indebtedness incurred by the County to finance or refinance in whole or in part projects in the Urban Renewal Area.
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