The Iowa Innovation Council is working to develop a funding mechanism that would help startups across the state, the Business Record reported last week. An amended Iowa statute will allow the state to issue up to $8 million in tax credits each year, a five percent increase, for investments made to the Iowa Innovation Fund—intended to attact more potential private investors. “We’re excited about that (investment potential),” said Cara Heiden, a member of the council’s board of directors. “It’s a demonstration of the public and private sectors coming together. These investments have higher risk, yes, but it comes with an understanding that these investments are needed.” The three-year waiting period previously attached to the Iowa Innovation Fund tax credit also was eliminated in the new legislation.
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