POPULATION: 3,090,416 (2013)
LABOR FORCE: 1,671,300 (2013)
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) 26.4%
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. Iowa does not charge tax on personal property
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:
• 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
Source: U.S. Bureau of Economic Analysis
