Allamakee County offers a variety of financial incentives to businesses:
Tax abatement as a financial business incentive. Iowa law allows cities and counties to exempt local property tax for new businesses. The rates are as follows:
Year 1 = 75% tax abated
Year 2 = 60% tax abated
Year 3 = 45% tax abated
Year 4 = 30% tax abated
Year 5 = 15% tax abated
Allamakee County also provides Tax Increment Financing a (TIF) and Economic Development Grants to industrial businesses relocating or expanding. These programs are based on the jobs created and the total cost of the project.
Please contact us for more information.
Allamakee County Economic Development is a non-profit organization focused on improving the business climate in Northeast Iowa. Allamakee County Economic Development offers assistance to all Allamakee County residents with business planning, exploring the feasability of a business idea, explaining funding opportunities and is all strictly confidential. Allamakee County Economic Development also provides workshops aimed at increasing efficiencies, technical assistance and discovering new markets and customers. To set up a one-on-one confidential appointment please call 563-568-2624, or email Laura Olson at firstname.lastname@example.org.
Allamakee County offers a Revolving Loan Fund for start-up and existing business. This includes a low-interest loan up to 30% of the total project for a maximum loan of $40,000.00. Funds to be utilized for the purchase of real estate, construction, machinery, building rehabilitation and working capital. For more information, please click below to view the application.
The Iowa Department of Economic Development offers an array of financial assistance programs. From programs that offer direct assistance to a company such as the Grow Iowa Values Fund and the Value-Added Agriculture Component Program. These awards are based on factors such as job creation, employee wage rates, competiton with other Iowa firms, and the impact of the project on the economy. The funds may be given as a forgivable loan, low-or-no-interest loan, principal or interest rate buy-down on a loan. There are many additional programs for special needs based on minority ownership or employment, landfill use recycling, self-employment, and other needs.
State of Iowa New Jobs and Income Program (NJIP) Assistance to increase job training for value-added production or service in Iowa through extended property tax abatement and additional state corporate income tax credits. Qualify by creation of at least 50 new production jobs with a median wage that changes quarterly plus a $3 million capital investment.
The State of Iowa also offers Job Training Program Assistance in the form of reimbursement of trainees' and trainers' wages, travel, materials. To be used as job training only. Qualifications are based on the number of jobs created and annual payroll over 3 years.
With the State of Iowa currently restructuring the Iowa Department of Economic Development, certain programs may not be presently available. Please contact the Allamakee County Economic Development office for a confidential business consultation on which programs would best fit your business venture.
The Iowa Department of Transportation has funding available for rail and road improvements.
The State of Iowa has no Sales Tax or Use Tax on manufacturing machinery and equipment purchases. There is no Personal Property (Inventor) Tax (meaning salable goods, raw materials and goods-in-process). There is also no Property Tax on new manufacturing machinery and equipment. There is Corporate Income Tax and exemptions. Iowa's Single Factor Income Tax taxes only net income from sales to customers.
Iowa is a right-to-work state. An employee can not be required to join a union or pay dues or fees to any labor union.