DeWitt's Enterprise Zone in its Crossroads Business Park was
established in August of 2003. Additional zones have been established to include
potential industry expansion lands. Companies located within the zone can
submit a proposal to the county commission to take advantage of the tax benefits
offered.
These benefits include:
- Refund of sales, service and use taxes paid to contractors
or subcontractors during construction.
- Investment tax credit of up to 10 percent of the qualifying investment
amortized over five years.
- Additional funding for training new employees. If applicable,
these funds would be in addition to those authorized under the New Jobs
Training Program.
- For distribution projects, a refund of sales and use taxes paid on racks,
shelving, and conveyer equipment.
- The State's refundable research activities credit may be doubled while
the business is participating in the program.
To qualify for an Enterprise Zone project, a company must:
- Invest at least $500,000, over a three year period, in machinery, land,
building and improvements to buildings.
- Cannot close or reduce operations elsewhere in Iowa and relocate substantially
the same operation in the Enterprise Zone.
- Create 10 or more full-time jobs and maintain them for 2 years.
- Provide some level of medical benefits to all full time employees. Additionally,
the business must also provide all full-time employees with a standard
medical and dental insurance plan of which the business pays 80% of the
premiums for employee-only coverage, pays 50% of the premiums for family
coverage, or provides a monetarily-equivalent benefit package.
- Pay new or retained employees an average starting wage that is equal
to or greater than 90 percent of the average county or regional wage -
whichever is lower.
