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Financial Incentives
Business Incentives
Looking for money for your business? Find it here at our one stop Financial and Incentives site. Everything from Small Business Administration, State of Iowa incentives, Waverly Area Development Fund, Tax Rebatement information and so much more. All the information you are looking for in one easy-to-use location.
Business Incentives (PDF)
Business Climate
Bremer County offers a very favorable business climate. The State of Iowa has a tax structure that is very business-friendly, and the Community Colleges in the area provide a number of employee training opportunities through the State of Iowa jobs training programs. Local incentives vary by community and can include tax increment financing, tax rebatement, and revolving loan funds. Iowa is a right to work state.
Iowa Corporate Tax Structure
Iowa’s corporate tax structure offers several advantages to businesses that locate in the state, including: - A single factor nonunitary tax based only on the percentage of total sales income in the state of Iowa. There is no Iowa corporate income tax on profit from out-of-state sales.
- A 50% federal tax deduction if an Iowa company is subject to paying Iowa corporate income tax. Iowa is one of only 5 states that offers federal deductibility.
Other tax advantages include: - No sales or use tax on industrial machinery, equipment and computers.
- No sales tax on purchases of electricity or natural gas used directly in the manufacturing process.
- No sales tax on purchases of electricity used directly for qualifying data centers.
- No sales or use tax on computer and peripherals used in the processing or storage of data.
- No property tax on manufacturing machinery, equipment and computers.
- No tax assessment on personal property (includes corporate inventories of salable goods, raw materials and goods in process).
TIF Assistance
Financial assistance can be made available in Waverly’s Urban Renewal Tax Increment Financing (TIF) Districts for qualified projects. The purpose of this TIF Assistance Program is to assist businesses in the expansion and new construction of industrial and commercial facilities, and to expand employment opportunities where such assistance would encourage the business expansion and/or new construction. The property must be in one of Waverly’s Urban Renewal Tax Increment Financing Districts, and a portion of the additional property taxes paid is utilized to fund various incentives as outlined in an agreement between the company and the City.
Waverly Area Development Revolving Loan Fund
This revolving loan fund is primarily intended to be used for the purposes of filling gaps in financing for industrial, commercial, and retail establishments in the Waverly, Bremer County and Shell Rock areas. The stated purpose of this fund is to retain and create employment opportunities, leverage other private and public investments, facilitate economic growth, and encourage industrial, commercial and retail development in the designated areas.
Download a PDF of the loan application.
For further information, please contact:
Waverly Area Economic Development
Brent Matthias - Economic Development Director
Phone: 319-352-9210
Fax: 319-352-5772
E-mail: brentm@ci.waverly.ia.us
IRP Revolving Loan Fund
This revolving loan fund is primarily intended to be used for the purposes of filling gaps in financing for the establishment or expansion of retail establishments and commercial projects within the Waverly city limits. The stated purpose of this fund is to retain and create employment opportunities, leverage other private and public investments to facilitate economic growth, and to encourage retail and commercial development, expansion and community development projects within the city limits of Waverly.
For further information or to request an application, please contact:
Waverly Chamber of Commerce
Emily Neuendorf - Executive Director
Phone: 319-352-4526
Fax: 319-352-0136
E-mail: emily@waverlychamber.com
Small Business Facade and Improvements Incentive Program
The objective of this program is to provide an incentive to support small business owners or building owners in adaptive reuse of existing commercial structures; to create a stronger main street corridor by presenting a façade that is attractive to potential customers and business owners; and to create quality upper story living/office space in area buildings that are currently vacant or in a general state of disrepair. This program will provide incentives to the business owner or building owner in the form of tax rebatement generated on the net taxable value increment resulting from the improvements on the following schedule:
Year 1 – 100% tax rebatement on increased amount only
Year 2 – 80% tax rebatement on increased amount only
Year 3 – 60% tax rebatement on increased amount only
Year 4 – 40% tax rebatement on increased amount only
Year 5 – 20% tax rebatement on increased amount only
Year 6 – Taxes paid in full
To qualify for this program, the building must be located in Waverly; the project must create living/working space out of a previously existing space that is in a general state of disrepair; or must significantly improve façade front or back; and the project must create a minimum tax rebatement of $750 over the life of the agreement. (A valuation increase of $7,200 is necessary to achieve rebatement of $750 over 5 years).
Download a PDF of the application.
For further information, please contact:
Waverly Chamber of Commerce
Emily Neuendorf - Executive Director
Phone: 319-352-4526
Fax: 319-352-0136
E-mail: emily@waverlychamber.com
State of Iowa Incentives
The State of Iowa offers numerous incentives, including financial incentives and employee training assistance programs. To learn more about these State of Iowa Incentives, please click on the following link: http://www.iowalifechanging.com/business/financial_assistance.aspx |
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