If you are a business owner based in Idaho or have plans to do business in Idaho, now would be a good time to take a closer look at the Business Tax Reimbursement Incentive and allow it to tip the scales for you.
Along with a combination of other benefits offered by the state of Idaho, the Business Tax Reimbursement Incentive alone is worth jumping on the bandwagon with others who have found it to be one of Idaho’s great game changers.
Those who do decide to jump on the bandwagon will be in good company as some very prominent businesses have already taken full advantage of all that this reimbursable tax benefit has to offer.
Here’s How It Works
The State of Idaho has put forth a tremendous amount of effort to encourage further business growth and expansion. And now, with the new Business Tax Reimbursement Incentive, there’s, even more of a reason to do business in Idaho.
“The TRI, short for the Idaho Tax Reimbursement Incentive went into effect on July 1st of 2014. It has already proven to be a game-changer in the state of Idaho. Just this past year both national and international attention has been given. They continued to rank in the top 10 list of several key performance areas. This includes areas such as job growth, economic strength, and business development. More specifically the rankings involved in the following areas:
• the American Legislative Exchange Council ranked the state of Idaho 6th in the nation for 2015 Best Economic Outlook
• They ranked 2nd for “Overall Most Friendly State for Business” by the Governing magazine
• They were ranked 1st in the nation for highest personal-income growth by the U.S. Bureau of Economic Analysis in 2013
• They were ranked the 5th-highest GDP growth rate in the nation by the U.S. Bureau of Economic Analysis
• Kiplinger ranked them 6th for the “State with the Fastest Job Growth
In addition to these accolades, they also experienced an $869 million wage increase. These incentives have enabled Idaho to generate a significant amount of momentum through investing into some of Idaho’s current as well as emerging industries, community development efforts and public-private partnerships programs. More specifically, the TRI has provided at least a 30 percent refundable tax credit to be implemented for up to a period of 15 years on all sales, income taxes and payroll. The program is designed to benefit companies that hire a minimum of 50 new employees above the average county wage, which is 20 new employees in rural areas.
Enormous success has been experienced with the implementation of their new incentive programs. They continue to experience a significant amount of interest from current companies who are interested in expanding or new companies who are considering having a presence in the state of Idaho.
As of July 1, 2014, 12 different projects have already been approved for the TRI, which has resulted in improvements in the following key performance areas:
• $869 million was generated in total wages
• 2,294 in total jobs generated
• $336 million in total capital investments:
• New State Revenue that totals $127 million
The state of Idaho takes business development and business growth strategies very seriously. Their government officials work diligently to bring as many opportunities to its Idaho citizens as possible. Their grant and other incentive programs have been the drawing card that has attracted more and more businesses to the state of Idaho than they’ve ever experienced before.
These incentives combined with their already high quality of life to include low costs, low taxes, and receptive government officials makes it the ideal place for business and to make Idaho your permanent place of residence.
Idaho Makes it Easy for Companies to Do Business in Idaho
If you are located in or near Idaho, you may want to consider taking a closer look at the Idaho Business Tax Reimbursement Incentive program as the economy is currently accelerating as a result of this and other programs.
Because of the key performance indicators indicated above, the state’s has made note of the companies that have been attracted to the state of Idaho to establish a new business or expand their existing business to Idaho. Those who decide to make the decision to do business in or expand to the Idaho area will be in good company as other prominent businesses have already taken advantage of its many benefits. These include household names such as SkyWest Airlines, Amy’s Kitchen, Hewlett-Packard, IBM and other business that has been recognized as one of Forbes list of the top 5,000 fastest-growing private companies, which includes Scentsy that ranked 516, Balihoo that ranked 853 and Pita Pit that ranked 4,256.
Existing businesses can also enjoy more and more opportunities being delivered by the State of Idaho in their effort to increase business growth and momentum.
More Reasons to Consider Idaho
In addition to the Business Tax Reimbursement Incentive, there are still even more reasons to consider doing business in Idaho. Such as the following indicated below:
• Their sensible business-friendly regulations make it easy for businesses to get set up and operate in Idaho by removing those regulations that are the most burdensome and interfere with progress and success.
• Their easy access to government programs and officials
• A fast and easy response team of key state government officials known for their ability to quickly respond to companies who are interested in doing business in Idaho.
• Their low taxes and costs
The government officials are also very friendly too. And they know that good relationships mean good business. Being business-friendly also means making it easier to do business in Idaho.
They are also adamant about placing premiums on all Idaho state agencies that remain connected to each other with the intent of responding as quickly as possible to the many opportunities that arise.
Their government officials are also very friendly and encourage networking to increase opportunities. If you are located in or near the Idaho area, you may want to consider their business incentives and all that Idaho has to offer.