New Markets Tax Credit Program
Other Programs | New Markets Tax Credit Program | ICIC Tax Credit Purchase Consortium
|We are now able to stimulate Iowa's economy in areas that have seen underinvestment in the past, thanks to the Legislature's foresight and support from many Iowa bankers. |
— John Rigler, ICIC board member
ICIC is proud to have played a role in bringing new financing to Iowa businesses, supported by U.S. Treasury Department new market tax credits.
In the past few years, millions of dollars have been deployed to significant projects in Iowa cities including Sioux City, Dubuque, Des Moines, Fairfield and Davenport.
Awarded by the federal Community Development Financial Institutions Fund, new markets tax credits work to spur economic activity, job and wealth creation in underserved areas. Criteria include high unemployment, out-migration and low income in various Iowa census tracks.
What is the New Markets Tax Credits Program?
Part of the Community Renewal Tax Relief Act of 2000, the federal New Markets Tax Credit Program works to spur loans and capital investments in businesses in underserved areas.
By making an investment, an individual or corporate investor can receive a tax credit worth 39% of the investment distributed over 7 years.
How can I learn more?
Iowa Business Growth Company administers the Iowa program. For more information, please contact:
Dan Robeson or Jim DePauw
Iowa Business Growth Company