The City of Burlington has two Enterprise Zones within the city limits. These designated zones provide numerous benefits, and maps outlining the qualifying areas in Burlington may be found here.
- The business must make a minimum qualifying investment of $500,000 over a three year period. Qualifying investment includes the cost of land, buildings, improvements to buildings, manufacturing machinery and equipment, and/or computer hardware.
- The business must create at least 10 full-time, project-related jobs over a three year period and maintain them for an additional 10 years.
- The business must 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 or provide a monetarily-equivalent benefit package.
- The business must pay new employees a starting wage which is equal to or greater than 90% of the average county or regional wage, whichever is lower. The current threshold is at $14.03/hour.
- The business can not be a retail establishment or a business whose entrance is limited by coverage charge or membership
- The business can not close or relocate its operation in one area of the state and relocate substantially the same operation in the Enterprise Zone.
- The local Enterprise Zone Commission and IDED must approve the business' application for Enterprise Zone program incentives prior to project initiation.
- A local property tax exemption of up to 100% of the value added to the property to a period not to exceed 10 years.
- Additional funding for training new employees. If applicable, these funds would be in addition to those authorized under the Iowa New Jobs Training Program.
- A refund of state sales, service, or use taxes paid to contractors or subcontractors during construction.
- For warehouse or distribution center projects, a refund of sales and use taxes paid on racks, shelving, and conveyor equipment.
- An investment tax credit of up to a maximum of 10% of the qualifying investment, amortized over 5 years. This tax credit is earned when the corresponding asset is placed in service and can be carried forward for up to seven additional years or until depleted, whichever occurs first.
- The State's refundable research activities credit may be doubled while the business is participating in the program for up to a maximum of 10 years.