Iowa Tax Advantages
The State of Iowa has several business tax incentives available based on the type of business venture and job creation efforts. Revolving loan funds are available through several organizations to assist businesses, of all sizes, in their growth in New Hampton. Property tax relief and infrastructure enhancements are additional options for incentives that can be made by local governments to assist in growing business in New Hampton, Iowa. Our state offers a comfortable corporate income tax based on total in-state sales revenue, no property, sales or use tax on industrial machinery and equipment, no personal property (inventory) tax, and no sales and use tax.
Iowa is also investing heavily in job training and education through the Future Ready Iowa.
For more information, you may also visit the Iowa Economic Development Authority's website.
New Hampton Economic Development will work with state and regional partners to assemble an incentive package to attract an employer and offer sustainable growth for the local area.
Incentive Packages
New Hampton Economic Development is skilled at putting together attractive incentive packages that meet the growth needs of businesses expanding, locating or starting up in our community. Following are key state and local tax and financial assistance programs to help your business expand and grow in New Hampton, the City of Expanding Horizons.
Contact New Hampton Economic Development by phone 641-394-2437 or email for assistance on any of the listed programs.
Iowa Business Advantages
Iowa is a Right-to-Work State
Under Iowa law an employee may not be required to join a union or pay dues or fees to any labor union, association or organization as a condition of employment.
Workers' Compensation Cost
Iowa's workers' compensation costs are among the lowest in the nation. The average cost of workers' compensation insurance for manufacturers in Iowa is 11% lower than the national average.
Regulatory Assistance
The Regulatory Assistance Program enhances the range of services available to Iowa companies by advising and assisting companies in the preparation and submission of permit application with the Iowa Department of Natural Resources (DNR) and other Iowa regulatory agencies. The mission of the Regulatory Assistance Program is to facilitate communication between the business and regulators and to expedite the permitting process.
Local Financial Incentive Programs
Utility Partner Incentive Program
Our local Municipal Utility and Rural Electric Cooperative partners work with us to offer low-interest loans for qualified applicants and have access to USDA Rural Economic Development Loan and Grant Program (REDL&G) zero interest funds.
Tax Increment Financing
City council may use new property taxes resulting from the increase in taxable valuation caused by the construction of new industrial or commercial facilities to provide economic development incentives to a business.
Industrial Revenue Bonds
The City has the ability to issue bonds for some economic development projects. Such bonds are normally issued at a lower rate of interest than otherwise available to the business.
Dollars Per Job Financial Incentive Program
The New Hampton Economic Development has the ability to provide financial assistance to companies that create new employment opportunities and/or retain existing jobs and make new capital investment in New Hampton. The amount of funding is based, in part, on the number of jobs to be created/retained. Funds are provided in the form of loans and forgivable loans.