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Business Incentives for Growth
investment tax credit
local property tax exemption
refund of sales tax paid on construction materials
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Business Incentives for Growth
The Business Incentives for Growth (BIG) program helps qualifying businesses offset some of the costs of locating, expanding or modernizing a facility in Iowa. Offered by the Iowa Economic Development Authority (IEDA), BIG supports growth in key industries: advanced manufacturing, bioscience, insurance and finance, and technology.
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Description
Projects must involve a capital investment such as building construction/remodeling, long-term lease costs (minimum 10 years) or depreciable assets.
To be considered, projects should demonstrate clear economic impact in Iowa, such as:
Working with a high or growing number of in-state suppliers;
Diversifying Iowa’s economy;
Operating in an industry with few in-state competitors;
Creating new jobs or raising wages/skills for existing workers;
Increasing productivity and competitiveness through smart technologies (i.e., automation, robotics, Internet of Things (IoT), additive manufacturing, augmented reality and cybersecurity — often called Manufacturing 4.0);
Contributing to the state’s gross domestic product;
Adding product lines or services, entering new markets or customer segments, or scaling production and operational capacity.
All awards are tied to a contract with IEDA that outlines required investments, job creation, and other commitments. An annual report is required while the contract is active; once all terms are met, the contract is closed.
To be considered, projects should demonstrate clear economic impact in Iowa, such as:
Working with a high or growing number of in-state suppliers;
Diversifying Iowa’s economy;
Operating in an industry with few in-state competitors;
Creating new jobs or raising wages/skills for existing workers;
Increasing productivity and competitiveness through smart technologies (i.e., automation, robotics, Internet of Things (IoT), additive manufacturing, augmented reality and cybersecurity — often called Manufacturing 4.0);
Contributing to the state’s gross domestic product;
Adding product lines or services, entering new markets or customer segments, or scaling production and operational capacity.
All awards are tied to a contract with IEDA that outlines required investments, job creation, and other commitments. An annual report is required while the contract is active; once all terms are met, the contract is closed.
