Additionally, the state's incentive programs, especially the new Tax Reimbursement Incentive, have enabled us to generate significant momentum by investing in Idaho's existing and emerging industries, public-private partnerships and community development.
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The Idaho Tax Reimbursement Incentive (TRI), which went into effect July 1, 2014, has proved to be a game-changer in our efforts to encourage business growth and expansion. The TRI provides up to a 30 percent refundable tax credit for up to 15 years on all payroll, sales and income taxes for companies that hire at least 50 new employees above the average county wage (20 new employees in rural areas). We have experienced enormous success with this new incentive and continue to see significant interest from existing companies looking to expand and new companies considering location or expansion here.
Since July 1, 2014, 12 projects have been approved for the TRI, resulting in:
- Total Jobs: 2,294
- Capital Investment: $336 million
- Total Wages: $869 million
- New State Revenue: $127 million
As you can see, in Idaho we take business very seriously. And our government officials work together tirelessly and quickly to bring more opportunity to Idaho's citizens. Our grant and incentive programs are attracting more companies to the state than ever before. And coupled with our great quality of life and endless recreational opportunities, once you get here, you'll never want to leave.
—By Idaho Gov. C.L. "Butch" Otter