Decorah is currently targeting companies from the below industries. Expand each industry for more context.
Decorah, IA, has a strong foundation in agriculture, leveraging its fertile lands for crop production and livestock. The region also focuses on food processing, aiming to add value to locally produced agricultural products.
With its scenic landscapes, historic sites, and vibrant cultural festivals, Decorah attracts tourists seeking outdoor recreation and cultural experiences. The sector provides significant economic benefits through hospitality, events, and retail.
Home to Luther College and other educational institutions, Decorah emphasizes the importance of education and research. This sector contributes to the local economy through employment, innovation, and attracting students and professionals.
Decorah Economic Development Team
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Taxes in Decorah, IA
Sales Tax: The sales tax rate is 7%, which equates to $7 per $100.
Corporate Income Tax: The corporate income tax rate ranges from 6% to 9.8%, translating to $6 to $9.8 per $100 depending on the income bracket.
Property Tax: Property tax rates vary widely, but a representative rate could be approximately 1.5%, or $1.50 per $100 of assessed value.
More comprehensive tax data for Decorah is coming soon!
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Business and Tax Incentives in Decorah, IA
Decorah offers a variety of economic incentives to help businesses at the local, state, and federal level.
Targeted Small Business (TSB) Program of Iowa
This program is specifically aimed at businesses that are 51% or more owned, operated, and actively managed by women, individuals with minority status, service-disabled veterans, or individuals with disabilities. It offers financial assistance, including loans and grants, to help these targeted small businesses start or expand within Iowa.
Iowa Economic Development Authority (IEDA) High Quality Jobs Program
This program provides qualifying businesses tax credits, exemptions, and/or refunds to offset some costs of job creation, construction, or expansion. It aims to encourage quality job creation by offering direct financial assistance and tax benefits to businesses.
Iowa New Jobs Training Program (260E)
Designed to provide funding assistance for training new employees of expanding or relocating businesses in Iowa, this program is funded through bonds sold by community colleges. Businesses can receive assistance in the form of job training, on-the-job training, and other skill development for new positions.
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FAQs about Decorah, IA
Businesses in agriculture, food processing, tourism, recreation, education, research, healthcare, arts and culture, and craft brewing tend to thrive in Decorah. The city's diverse economy and supportive community create a conducive environment for a wide range of industries.
Decorah supports new and expanding businesses through various programs, including the Iowa Economic Development Authority High Quality Jobs Program, the Iowa New Jobs Training Program (260E), and the Targeted Small Business (TSB) Program of Iowa. Additionally, local economic development organizations like the Decorah Area Chamber of Commerce and Winneshiek County Development Inc. offer resources, networking opportunities, and guidance.
Yes, financial incentives for small businesses in Decorah include the Targeted Small Business (TSB) Program of Iowa, which offers financial assistance to businesses owned by women, minorities, service-disabled veterans, or individuals with disabilities. Other incentives may include tax credits, exemptions, and refunds through programs like the Iowa Economic Development Authority High Quality Jobs Program.
Decorah is attractive for entrepreneurs due to its educated and diverse workforce, competitive median household income, affordable living costs, and strong community spirit. The presence of institutions like Luther College and vibrant cultural and outdoor recreational opportunities also contribute to a high quality of life that appeals to business owners and employees alike.
Businesses in Decorah can benefit from the local tourism and recreation sector by tapping into the influx of visitors drawn by the city's scenic landscapes, historic sites, cultural festivals, and outdoor activities. This can be achieved through offering products or services that cater to tourists, engaging in local events, and partnering with other businesses and organizations to enhance the tourist experience.
Start-ups in Decorah have access to resources including mentorship, networking opportunities, and financial assistance through local economic development organizations, the Decorah Area Chamber of Commerce, and Winneshiek County Development Inc. Additionally, programs like the Iowa New Jobs Training Program (260E) and the Targeted Small Business (TSB) Program provide tailored support for training and financial aid.
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