Requirements
to receive
Benefits |
Industrial: |
Must not closed or reduced operations in one area of the state in order to move into an Enterprise Zone |
| Cannot be a retail business |
| Pay at least 80% of the cost of a standard medical and dental insurance plan for the employee |
| Create at least 10 full-time positions and maintain them for at least 10 years |
| Make a capital investment of at least $500,000 for expansion or new construction |
Pay an average per hour wage of $11.21 or above
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| Housing: |
Housing project must be built in a certified Enterprise Zone area |
| Project must be undertaken by a housing developer or contractor |
| Project may involve new construction or rehabilitation |
| Must be at least four single family units or one multi-family building with three units |
| Developer can receive credit up to the first $140,000 per unit regardless of appraised value on unit |
Must be completed within 2 years of start and meet HUD Section 8 quality of standards
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Enterprise
Zone
Benefits
|
Industrial: |
10% Investment Tax Credit on Iowa Corporate Income Tax |
13% Research & Development Tax Credit |
100% Refund of sales, service, and use taxes paid to contractors or subcontractors during construction |
Exemption of all or a portion of Clayton County property taxes for a period not to exceed 10 years
|
Housing: |
10 % State Income Tax Credit (amount of credit based on total investment) |
100% refund on sales and utility taxes related to the project
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How
to Apply |
Contact the Clayton County Development Office at 800-488-7572 to obtain an IDED approved Enterprise Zone Application. Complete this application and submit to the Clayton County Enterprise Zone Commission for review.
Applications approved at the county level are submitted to the Iowa Department of Economic Development for final approval.
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Enterprise Zone
