The High Quality Jobs program provides qualifying businesses tax credits and direct financial assistance to off-set some of the costs incurred to locate, expand or modernize an Iowa facility. To qualify for this very flexible assistance package that includes loans, forgivable loans, tax credits, exemptions and/ or refunds, eligible businesses must meet certain wage threshold requirements. Visit wage requirements to view the requirements for wage thresholds.
- A business must meet wage thresholds requirements.
- Actual award amounts will be based on the business's level of need; the quality of the jobs; the percentage of created or retained jobs defined as high-quality; and the economic impact of the project.
- Created jobs must pay at least 100 percent of the qualifying wage threshold at the start of the project and 120 percent of the qualifying wage threshold by project completion and through the project maintenance period unless in a distressed area.
- Retained jobs must pay at least 120 percent of the qualifying wage threshold throughout the project completion and maintenance periods.
- The business must provide a sufficient benefits package to all full time employees that includes at least one of the following:
- Business pays 80 percent of medical premiums for single coverage plans, OR
- Business pays 50 percent of medical premiums for family coverage plans, OR
- Business pays for some level of medical and dental coverage and provides the monetary equivalent value through other employee benefits.
- The State's refundable research activities credit may be increased while the business is participating in the program.
- A local property tax exemption of up to 100 percent of the value added to the property to a period not to exceed 20 years may be available.
- An investment tax credit equal to a percentage of the qualifying investment, amortized over five years. This tax credit is earned when the corresponding asset is placed in service and can be carried forward for up to seven additional years or until depleted, whichever occurs first.
- A refund of state sales, service or use taxes paid to contractors or subcontractors during construction.
- For distribution center projects, a refund of sales and use taxes paid on racks, shelving, and conveyor equipment.
- To assure your addition/expansion can benefit from this program, businesses must apply prior to the beginning of the project.
How to Apply:
IEDA staff welcomes the opportunity to work with companies to determine the most beneficial programs and resources to support each project. Please access the Business Assistance Project Review process to get started. The High Quality Jobs program can be used in combination with other state programs with the exception of the Wage-Benefit Tax Credit (awarded by the Department of Revenue).
To Learn More:
Contact the Iowa Economic Development Authority at any time. Our staff will guide you through the qualification process and help create the optimum package of assistance for your business.