Incentives
We'll make it worth your while.
Because we'd like to see you do business in
Clinton, Iowa, we've prepared a list of resources that can help you get
here.
You'll find helpful programs at every level-
federal, state, and local. Furthermore, you'll get assistance and
information from the Downtown Partnership at every turn.
You may already be familiar with the national and
state programs, we are here to help wherever possible and explain local
programs. The Clinton Urban Revitalization Program is a progressive,
foresighted approach designed to help you invest in our beautiful river
city and get valuable help as you develop your business.
Don't miss this chance to build your future on the
historic, powerful Mississippi River…with a one-of-a -kind river
view.
City of Clinton Urban Revitalization Program provides a fifty-percent
property tax exemption for three years on qualified building
improvements. To qualify, improvements must increase the value of the
property by at least ten percent. The City of Clinton will provide a
property tax exemption for any value added to the property that is in
compliance with the requirement of the Clinton Urban Revitalization
Program.
Downtown Clinton Self-Supporting Municipal
Improvement District (SSMID)
SSMID provided administration, operation,
maintenance, and self-liquidation improvements to the Downtown Clinton
SSMID district. Property owners within the district petitioned the City
of Clinton to establish an annual tax of $10.00 per $1,000 of taxable
property value. The district was a established in November 1999 for a
duration of 10 years starting with the fiscal year July 1, 2000. The
Clinton Downtown Partnership provides services to the City of Clinton
to manage and operate the district. The Partnership operates with a
board of directors, executive committee and several committees,
subcommittees and task forces. The committees manage marketing, events,
business recruitment, public improvements, parking, and incentive
programs.
Clinton Enterprise Zone Program businesses qualify for the
following benefits. A supplemental new jobs credit of 1-1/2% of gross
wages is available for all new jobs created by the business. All
additional jobs beyond those agreed to in the agreement would also be
eligible for the credit. The credit is in addition to and not in lieu
of the program and withholding credit of 1-1/2%. Businesses may
claim a corporate tax credit of up to a maximum 10% of new investment,
which is directly related to new jobs created. Businesses are eligible
for a corporate tax credit for increasing research activities in the
state. The credit equals 6-1/2% of the states apportioned share of the
qualifying expenditure for increasing research activities. Businesses
are also eligible for a refund of sales, service and use taxes paid to
contractors and subcontractors.
Downtown Clinton Façade Program provides matching grants for façade
improvements to commercial building within the Downtown SSMID district.
Commercial property owners within the SSMID district that pay SSMID tax
may apply. Improvement to building facades is the focus of the program.
Costs are reimbursed after proof of payment to contractor is provided.
Funding is limited to 1/3 of the cost of a project, not to exceed
$5,000. A 2/3 cash match is required from the property or business
owner. Secretary of the Interior Standards for Rehabilitation are used
as design guidelines.
State of Iowa and Federal Historic Preservation
Tax Credits
The Federal Historic Preservation Tax Incentive
Program fosters private sector rehabilitation of historic buildings and
promotes economic revitalization. The 20% Federal Historic Preservation
Tax Incentives are available for buildings that are National Historic
Landmarks, that are listed in the National Register, and that
contribute to National Register Historic Districts. Properties must be
income-producing and must be rehabilitated according to standards set
by the Secretary of the Interior. The State of Iowa provides a 25%
Historic Preservation Tax Incentive in addition to the Federal Program.
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