Idaho's Strategic Business Advantage
Combining access to key international markets, a strong and motivated workforce and some of the lowest overall business costs in the United States, Idaho wants to be your partner in business. Idaho-based businesses prosper by taking advantage of our close proximity to key alternative energy markets. Through a balanced mix of personal income, sales, property and corporate taxes, Idaho makes sure we provide a stable base to fund public services without unfairly burdening any sector. We offer multiple financial incentive and business tax credit programs that are designed to enhance overall productivity and long-term profits. The Gem State is near the top in virtually all indicators of business and economic vitality. Here are just a few strategic advantages Idaho provides to help renewable energy manufacturing companies with their bottom line.
Starting, expanding or relocating a business carries a certain amount of risk and unknown factors. Locating in Idaho offers stability and one less item in the risk column on your spreadsheet. Idaho ended the current fiscal year with a balanced budget and with its financial house in order. As our State Treasurer put it, "our...manner of fiscal government allows our citizens to benefit, sometimes in unseen ways, from the stability this style of leadership provides. We pay our bills, on time and as promised." Idaho has gained a well-deserved national reputation for responsible financial management. The State consistently gets top marks from nationwide financial rating services, and our state and local government debt per capita is the lowest in the nation. That is a direct result of a safe, sound and cautious approach to management that keeps Idaho ahead of the economic curve. With all of the uncertainty in the marketplace, you can place your trust in Idaho.
Idaho offers a wide range of financial incentives and tax credits. The Idaho Business Advantage Program offers companies that invest a minimum of $500,000 in new facilities and create at least 10 new jobs an enhanced tax credit of 62.5% of tax liability in any one year, a new jobs tax credit of up to $3,000 per job, a 2.5% real property improvement tax credit and a 25% sales tax rebate on construction materials for the new facilities. In addition, respective county commissioners may also authorize a full or partial property tax exemption. To obtain a full list of our financial and tax services, please visit www.commerce.idaho.gov/business/incentives.aspx.
Companies in Idaho are able to tap into a wealth of educated, high-skilled workers. Idaho's colleges and universities actively work with the private sector to create programs that will educate the "green collar" employees the alternative energy sector demands.
In addition, the Idaho Department of Labor provides Workforce Development Training Grants to offset training costs. The program is tailored to your specific company needs and designed to develop skill sets for your precise requirements. Financial reimbursements of up to $3,000 per employee are available to eligible companies to cover the cost of training a new employee or retaining one facing permanent layoff.