Red Oak is currently targeting companies from the below industries. Expand each industry for more context.
This sector remains a cornerstone of Red Oak's economy, leveraging the area's rich agricultural heritage. It encompasses activities from farming to the processing of food products, aiming to innovate in sustainable agriculture and food technology.
Manufacturing, especially in areas like machinery, equipment, and fabricated metal products, plays a significant role in Red Oak's economic landscape. The sector benefits from a skilled workforce and aims to incorporate advanced manufacturing technologies to remain competitive.
With a focus on sustainability and innovation, the renewable energy sector, including wind and solar power, is emerging as a key area for economic development in Red Oak. This sector promises job creation and positions the region as a leader in clean energy initiatives.
Red Oak Economic Development Team
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Taxes in Red Oak, 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 12%, translating to $6 to $12 per $100.
Property Tax: The property tax rate varies widely, but for an example, if the rate is 1.5%, this would be $1.50 per $100.
More comprehensive tax data for Red Oak is coming soon!
Featured Profiles
Business and Tax Incentives in Red Oak, IA
Red Oak offers a variety of economic incentives to help businesses at the local, state, and federal level.
Iowa New Jobs Training Program (260E)
The 260E program supports new employee training for businesses that are expanding their workforce in Iowa. It is financed through bonds sold by community colleges, with the debt service paid by diverting the new employees' state income tax withholdings.
Iowa Research Activities Credit
This program offers a tax credit to businesses conducting research and development within the state. It is designed to stimulate innovation and encourage investment in Iowa-based research activities.
Iowa Economic Development Authority (IEDA) High Quality Jobs Program
This program provides qualifying businesses tax benefits to offset the costs incurred to locate, expand, or modernize an Iowa facility. Benefits can include tax credits, exemptions, and refunds.
Reviews
Let’s see what local businesses have to say about doing business in Red Oak.
FAQs about Red Oak, IA
Businesses in agriculture and food processing, manufacturing, especially machinery and fabricated metal products, and renewable energy sectors, such as wind and solar power, thrive in Red Oak due to the city's skilled workforce, strategic location, and supportive economic development programs.
New businesses in Red Oak can benefit from several incentives, including the Iowa Economic Development Authority's High Quality Jobs Program, which provides tax benefits, the Iowa New Jobs Training Program (260E) for workforce training, and the Iowa Research Activities Credit for R&D activities.
Red Oak supports small businesses and entrepreneurs through the Red Oak Chamber and Industry Association, which offers resources for business growth, networking opportunities, and assistance in accessing local and state economic development incentives.
Yes, workforce development in Red Oak is supported through programs like the Iowa New Jobs Training Program (260E) and partnerships with nearby community colleges offering degree programs and continuing education opportunities to enhance the skills of the local workforce.
Manufacturers are attracted to Red Oak due to its skilled labor force, strategic location near major highways for easy access to markets, and the availability of incentives for business expansion and modernization, including tax benefits and training programs.
Red Oak promotes sustainability and renewable energy through its focus on the renewable energy sector, encouraging the development of wind and solar power projects. This commitment positions Red Oak as a leader in clean energy initiatives and sustainable economic development.
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