WHAT IS THE TAX REIMBURSEMENT INCENTIVE?
This new performance-based economic development tool features a tax credit of up to 30% for up to 15 years on new state revenues (corporate, sales and withholding taxes paid to the state) that would be available to Idaho companies seeking expansion or new companies seeking relocation in the state of Idaho.
The tax credit percentages range from 1% to 30% with an award period of 1 to 15 years. When determining the award amount and length of time, the State will consider:
- # of Jobs (50+ in an urban setting, 20+ in rural)
- Wages compared to county average
- Economic Impact
- Capital Investment
- Economic based jobs
- Community Match (Local governments must make a commitment to support the project)
- Performance Based: The company must create jobs and pay taxes due before the credit would be received
Jana Jones can help you start a pre-application to determine what award your company might be eligible for: firstname.lastname@example.org | (208) 472-5246.
COMPANIES ALREADY BENEFITING
In its first year, there were 24 approved TRI Projects - 12 New businesses and 12 existing Idaho businesses.
A few local Boise Valley TRI recipients:
- Skywest Maintenance Hangar: 100 jobs, TRI Award of 25% for 12 years
- Diversified Fluid Solutions (DFS): 50 jobs, TRI Award of 20% for 8 years
- Gayle Manufacturing: 105 jobs, TRI Award of 20% for 6 years
- Athlos Academies: 50 jobs, TRI Award of 17% for 8 years
- Heartland RV's: 275 jobs, TRI Award of 20% for 10 years
- Paylocity: 551 jobs, TRI Award of 28% for 15 years