Clinton County was designated as an area that meets Enterprise
Zone criteria as a result of the 2000 census data. The county has until March
2006 to establish Industrial and Housing Enterprise Zones. Clinton County
can designate more than 4,000 acres (1 percent) of land to Enterprise Zones.
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 new investment
in machinery and equipment, land, buildings and improvements to existing
buildings.
- Additional funding for training new employees. If applicable,
these funds would be in addition to those authorized under the New Jobs
Training Program.
To qualify for an Enterprise Zone project, a company must:
- Invest at least $500,000 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 10 years. Provide
all full-time employees with the option of choosing a standard medical and
dental insurance plan of which the business pays 80 percent of the premiums
or a monetary equivalent benefit.
- Pay new employees an average starting wage that is equal to or greater
than 90 percent of the average county or regional wage - whichever is lower.
For more detailed information and the financial preview application go to:
www.iowalifechanging.com
