Developers in Iowa can receive tax credits for redeveloping properties known as brownfield and grayfield sites.
Brownfield sites are abandoned, idled or underutilized industrial or commercial properties where real or perceived environmental contamination prevents productive expansion or redevelopment. Examples of brownfield sites include former gas stations, dry cleaners and other commercial operations that may have utilized products or materials potentially hazardous to the environment.
Grayfield sites are abandoned public buildings, industrial or commercial properties that are vacant, blighted, obsolete or otherwise underutilized. A grayfield has been developed and has infrastructure in place, but the property's current use is outdated or prevents a better or more efficient use of the property.
This tax credit program is offered as a way to promote the economic health of communities by reducing environmental potential hazards, cleaning up eyesores, creating new jobs and boosting tax revenue.
Applications are accepted annually during the months of July and August. Applicants must be an individual, limited liability company, S corporation, non-profit, estate or trust. More information can be found on the IEDA website.