POPULATION: 3,062,309 (2011)
LABOR FORCE: 1,663,600 (2011)
RIGHT TO WORK: Yes
TRADITIONAL INDUSTRIES:Value-added agriculture,
manufacturing
EXPANDING INDUSTRIES: Renewable energy, information
solutions, financial services/
insurance, advanced manufacturing,
biosciences
COLLEGE GRADUATES: (Age 25 and over) 24.9%
BASIC BUSINESS TAXES:
Corporate Income Tax: Imposed
on net income from sales within
Iowa after deducting 50 percent
of federal corporate
income tax; rates are 6 percent
on the first $25,000 or any part
thereof; 8 percent on the
excess over $25,000 but less
than $100,000; 10 percent on
the excess over $100,000 but
less than $250,000; and 12 percent
on the excess over
$250,000
Sales Tax: 6 percent on transactions
involving the transfer,
exchange, or barter of tangible
personal property on certain
enumerated services and gross
receipts from the sale of
optional service of warranty
contracts; communities and
schools may impose a local
option sales tax.
Use Tax: 6 percent
Property Tax: Manufacturing
machinery and equipment, as
well as computers used to
process data, are exempt from
taxation; pollution-control
equipment is also exempt.
BUSINESS INCENTIVES:
High Quality Jobs Program
(HQJP)
Economic Development
Set-Aside Program - EDSA
(loans, grants)
Iowa Demonstration Fund
(prototype development)
Public Facilities Set-Aside
Program - PFSA (infrastructure
improvements)
Federal SBA direct loans and
guaranteed loan programs
Export Trade Assistance
Program
TAX CREDIT PROGRAMS:
• Enterprise zones
• High Quality Jobs Program
(HQJP)
Iowa New Jobs Training
Assistance
Tax exemptions for industrial
property
Tax credits for new employees
and research & development
Local tax increment financing
