For Immediate Release: April 3, 2014
Boise, IDAHO – One of Boise Valley Economic Partnership’s (BVEP) biggest efforts over the past few years was the support, guidance and passage of House Bill 546, the Tax Reimbursement Incentive legislation. This bill will prove to grow Idaho’s economy in a measurable and sustainable way.
“A small group of us met with Jeff Sayer at 5 p.m. on his first day as Director of Commerce, and we asked if he would champion an effort to make Idaho more competitive. With Director Sayer’s commitment as our change agent, and with the help of many, we have added the one tool that I believe is going to be most instrumental in creating more targeted jobs and investment in the state of Idaho,” BVEP Executive Director Clark Krause said. “Idaho will enjoy what it has earned, a new harvest of high wage job growth. The Valley is now positioned to win more of what it deserves.”
The tax incentive will be an invaluable tool for growing existing businesses and attracting new companies to the State of Idaho. The legislation will qualify Idaho businesses for tax credits of up to 30 percent (up to 15 years) relating to income, sales and payroll taxes. To qualify for the credit, the bill stipulates that businesses in rural areas will need to create at least 20 new economic based jobs (jobs that export over 50% of goods or services outside of the region), and businesses in urban areas (and those immediately adjacent to urban areas) will have to create at least 50 economic based jobs, and new job wages need to be above local average county wages.
This legislation was truly a visionary effort that started almost three years ago. The incentive was designed after a team researched best practices being utilized throughout the nation. Idaho’s legislation will reimburse businesses after jobs are created under a performance-based model.
“Governor C.L. “Butch” Otter, the Idaho Department of Commerce, BVEP stakeholders, community economic development organizations and the Idaho Chamber Alliance helped build momentum and enthusiasm around this bill, and ultimately, the passage was a collaborative effort on the part of many people committed to the economic future of Idaho,” explains Dave Self, Chairman of BVEP.
The bill was signed into law by Governor Otter today, and will become available July 1 for companies creating new jobs in the state.
About Boise Valley Economic Partnership
The Boise Valley Economic Partnership (BVEP) is the regional economic development organization for the Boise Valley, representing the southwestern Idaho counties of Ada, Boise, Canyon, Gem and Owyhee, and including the capitol city of Boise. With a long-term mission of creating jobs, attracting new businesses to the region and encouraging investment in the community, BVEP is actively involved in the economic vitality of the Boise Valley, and is dedicated to maintaining and enhancing the quality of life for businesses and families alike. For more information, visit www.bvep.org
Contact: Lisa Bloomquist | Boise Valley Economic Partnership | (208) 340-6990 | firstname.lastname@example.org