IOWA is a Manufacturing State
Iowa’s success in advanced manufacturing supplies cutting-edge, innovative products in a myriad of industries – agricultural and construction machinery, chemicals, food manufacturing, aerospace engineering, aluminum, and steel – and is building the world’s diversified manufacturing economy of the future. Some of the world’s leading companies manufacture in Iowa, reinforcing the state’s position as a center for advanced manufacturing. Companies that have manufacturing operations in Iowa include: Rockwell Collins, John Deere, Alcoa, HNI Corporation, Winnebago and Vermeer.
Iowa has approximately 4,100 manufacturing establishments, employing over 198,000 people. The state’s manufacturing sector contributes the largest share of state gross domestic product (GDP) of any major sector with $23 billion contributed in 2009. Iowa ranks seventh among all states in the percentage of total GDP derived from the manufacturing sector.
Consider some of the many advantages Iowa has to offer:
Highly qualified, skilled & adaptable workforce
Central geographic location
Presence of national and multinational advanced manufacturing firms
High-quality and responsive community college system
Tradition of inter-firm collaboration
History of invention and product innovation
This program is designed to promote the creation or retention of quality jobs by assisting businesses locating, expanding or modernizing their facilities in Iowa through a package of tax credits, exemptions, and/or refunds to approved businesses.
The Iowa New Jobs Tax Credit is an Iowa corporate income tax credit and is available to a company that has entered into a New Jobs Training Agreement (260E) and expands their Iowa employment base by ten percent or more.
Iowa sets itself apart, being one of only a few states to offer a refundable research activities credit. Iowa companies earn refundable tax credits for research and development investments that may be paid directly in cash to the company once its tax liabilities have been met. A company must meet the qualifications of the Federal Research Activities Credit in order to be eligible for the credit in Iowa.