Des Moines, IA – Two Southeast Iowa cities will become "pilot" sites for a new state economic development program. The Iowa Department of Economic Development has selected Keokuk and Fort Madison to take part in the Targeted Jobs Withholding Tax Credit Program. Two cities in Western Iowa will also be in the program. State Represenative Phil Wise (D-Keokuk) says the selected cities will be able to offer a unique payroll-based financial incentive to qualifying businesses. Businesses meeting certain requirements would be able to divert a small percentage of the taxes they would normally pay to the state. Those tax credits would then be matched, at the local level, with the money being used for business growth or expansion. The two Southeast Iowa cities were also the first in the state to establish transportation enterprise zones within their borders.
State Selects Keokuk & Fort Madison For Program
