TMCnet News
Idaho Introduces New Business Incentives to Attract CorporationsBOISE, Idaho --(Business Wire)-- May 10, 2005 -- Aggressive new tax incentives for large and small companies are now available for businesses willing to relocate headquarters or major operations to Idaho. Through 2009 Idaho is offering significant reductions in business income, sales and property taxes for companies meeting the requirements of the Idaho Corporate Advantage and Idaho Business Advantage incentive packages. "These incentives add to Idaho's reputation as a great place to do business," Idaho Governor Dirk Kempthorne said. "Idaho companies enjoy a favorable business climate, a skilled workforce, an affordable cost of living and a quality of life few states can match." The Idaho Corporate Advantage provides incentives that could eliminate annual state tax liability for a number of years. To qualify, companies must create at least 500 jobs averaging $60,000 a year plus benefits and invest a minimum of $50 million in headquarters or administrative buildings. The Idaho Business Advantage is available for smaller companies that can't meet the Corporate Advantage requirements. To qualify, companies must create at least 10 new jobs with a minimum starting salary of $40,000 a year plus benefits and invest a minimum of $500,000 in new headquarters or administrative buildings. Several Fortune 500 companies already call Idaho home including Albertsons, Micron Technology and Washington Group International. Other Idaho companies include: Boise Cascade, AMI Semiconductor, IdaCorp, Coldwater Creek, J.R. Simplot Co. and Buck Knives, which last year moved its headquarters from El Cajon, Calif., to Post Falls. All Idaho companies can take advantage of existing tax breaks including a sales tax exemption on purchases used in business production, pollution control, industrial fuels and raw materials and goods purchased for sale outside Idaho. Investment tax credits over the standard 3 percent for Idaho research and broadband equipment are also available. Idaho enacted new sales tax exemptions for equipment used for research and development and alternative energy. Idaho also capped business property taxes once the value reaches $800 million; employment reaches 1,500 workers and the company makes a minimum of $25 million in annual capital investments. Idaho is routinely touted as a top place to live and do business, and the state's business operating costs are some of the lowest in the nation. Learn more about Idaho's business incentive packages at cl.idaho.gov. |
