Single Factor Corporate Income Tax
Iowa is the only state with a single factor corporate income tax, meaning only the profits from products sold for delivery in the state are taxed.
Deduction of Federal Tax
Half of the federal income tax on corporations can be deducted from net income to arrive at Iowa’s taxable income. For personal income tax, 100% of the federal income tax is deducted.
Sales & Use Tax
The repeal of sales and use tax on business equipment, machinery and computers is an added incentive for new industry.
Industrial Tax Exemption
Cities and counties in Iowa are allowed to give industries tax exemptions for the actual value added of industrial real estate through new construction or buying or improving machinery and equipment assessed as real property.
Commercial Tax Abatement
Property tax abatement is available for greater than 20% increases in valuation in non-TIF areas in Storm Lake.
Tax Increment Financing
Firms may apply for TIF for properties in designated areas in Storm Lake.
|Levy||FFY 14-15 Rates||FFY 15-16 Rates||FFY 16-17 Rates|
|General Levy||$ 8.10||$ 8.10||$ 8.10|
|Insurance Levy||$ 0.23908||$ 0.24252||$ 0.25401|
|Employee Benefit Levy||$ 3.32563||$ 3.88965||$ 4.35792|
|Debt Service Levy||$ 1.08925||$ 1.10443||$ 1.60803|
|Emergency Levy||$ 0.27||$ 0.27||$ 0.27|
|Total||$ 13.02396||$ 13.6066||$ 14.58996|
The Storm Lake tax base is comprised of seven major classes including residential, commercial, industrial, railroads, utilities, and gas & electric utilities. The major contributors to the City’s tax base are from residential and commercial classes. Combined, they account for over 88% of the total taxable base.
119 W 6th St - PO Box 584 | Storm Lake, IA 50588
712.732.3780 | 888.752.4692