ADA Federal Tax Credit

This federal tax credit was created to help small businesses cover ADA-related eligible access expenditures. A business that for the previous tax year had either revenue of $1,000,000 or less or 30 or fewer full-time workers may take advantage of this credit. This federal tax credit can cover 50% of the eligible access expenditures in a year up to $10,250 (maximum credit of $5000).  In addition, the tax deduction is available to all businesses with a maximum deduction of $15,000 per year for the other costs the credit doesn’t cover. The tax deduction can be claimed for expenses incurred in barrier removal and alterations.

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Brownfield/Grayfield Tax Credit Program

State and federal incentive programs exist that can make the purchase and redevelopment of a Brownfield site a good economic opportunity for many businesses. These incentive programs exist because Brownfield redevelopment can promote general economic health by reducing environmental hazards, cleaning up neighborhood eyesores, creating jobs, boosting tax revenue, and so on. Brownfield sites are abandoned, idled or underutilized industrial or commercial properties where real or perceived environmental contamination prevents productive expansion or redevelopment. Examples of Brownfield sites include former gas stations, dry cleaners, and other commercial operations that may have utilized products or materials potentially hazardous to the environment Grayfield sites are industrial or commercial properties that are vacant, blighted, obsolete, or

otherwise underutilized. A grayfield has been developed and has infrastructure in place but the

property’s current use is outdated or prevents a better or more efficient use of the property. Iowa law

defines a grayfield as having improvements and infrastructure that are at least 25 years old and one

or more of the following conditions exists:

• Thirty percent or more of a building located on the property that is available for occupancy has been vacant or unoccupied for a period of twelve months or more.

• The assessed value of the improvements on the property has decreased by 25% or more.

• The property is currently being used as a parking lot.

• The improvements on the property no longer exist.

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Iowa Workforce Housing Tax Credit Program

This is a state program offered through the Iowa Economic Development Authority (IEDA) which provides tax benefits to developers providing housing in Iowa. This program has a focus on abandoned, empty, or dilapidated properties meeting at least one of the program’s eligibility criteria. The incentive is offered via refunds for sales, service, or use tax as well as state income tax credits. Developers may receive a state investment tax credit of up to 20% of the investment directly related to the construction or rehabilitation of housing projects containing the following minimum units: at least 3 units in a multi-family complex or at least 2 upper-story units. Projects must be completed within a three-year timeframe. The tax credit is based on the new investment used for the first $150,000 of value for each home or unit. Total project costs may not exceed $200,000 per unit for new construction or $215,000 per unit for historic rehabilitation. Investment tax credits are fully transferrable. IEDA accepts applications for this highly competitive program annually. For further information on this program and its eligibility criteria, please visit IEDA’s website.

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Historic Preservation Tax Credits
State and Federal programs offer a tax credit for qualified rehabilitation costs. This incentive is available to contributing buildings in Fort Dodge’s designated Historic District—please see the following page for Historic District boundaries. The State Historic Preservation Tax Credit Program offers tax credits to developers for the sensitive rehabilitation of historic buildings. This program ensures character-defining features and spaces of buildings are retained to help create distinct and vibrant communities. This program is in the form of state income tax credits of up to 25% of the project’s qualified rehabilitation expenditures. Eligible buildings must be historically significant to Fort Dodge’s Downtown Historic District. Federal historic preservation tax credits are also available. 

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Iowa Microloan

IowaMicroLoan has created a fund to provide a source of capital for microentrepreneurs who are

seeking a direct loan of $5,000 to $50,000 or a co-financing arrangement of up to $150,000.

Applicants must have applied for a loan at a traditional credit source and have been denied to be

eligible to apply for IowaMicroLoan.

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Iowa Source Link

IASourceLink is where business begins in Iowa. Their mission is to help small businesses in Iowa grow and succeed. IASource Link provides firms with free, easy access to the help they need - when they need it.

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Paint Iowa Beautiful

Keeping up the appearance of our buildings and facilities is an important component of viable

communities. Well-maintained and painted buildings reflect pride in our communities. Through a

partnership with Diamond Vogel Paint of Orange City, Iowa groups can receive paint for community

enhancement projects. More than 5,000 gallons of paint have been donated to community groups

through the Paint Iowa Beautiful program.

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Small Business Credit Initiative

The Iowa Small Business Loan Support Program (ISBLSP) aids Iowa entrepreneurs and small

businesses in their efforts to access capital for business purposes including startup costs, working

capital, business procurement, franchise fees, equipment, inventory, as well as the renovation or

tenant improvements of an eligible place of business that is not for passive real estate investment

purposes.

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Small Business Linked Investments for Tomorrow (LIFT) Program

The Small Business Linked Investments Program will inject capitol into small businesses owned and operated by Iowa residents.  One-half of the moneys invested will be available for qualifying small businesses which are 51 percent or more owned, operated, and actively managed by one or more women, minority persons, or persons with disabilities.

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