|Contact: Megan Hill
|Idaho Economic Advisory Council Announces March Meeting|
|BOISE, Idaho—Thursday, March 15, 2018— The Idaho Economic Advisory Council (EAC) will meet on Thursday, March 22 at 2:00 p.m. to discuss Idaho Opportunity Zone applications and one Idaho Tax Reimbursement Incentive application. The meeting will be held at the Department of Commerce in the J.R. Williams Building on the Second Floor (700 W. State Street, Boise).
Opportunity Zones are a community development program established by Congress in the Tax Cuts and Jobs Act to provide tax relief for investments made in low-income census. The provision is intended to encourage long-term investments in low-income areas and could mean investments in new development or existing facility improvements.
Applications for qualifying cities, counties, and tribes will be reviewed during this meeting, and recommendations will be given to Governor C.L. “Butch” Otter for final submission to the U.S. Department of the Treasury. When finalized, the U.S. Department of the Treasury will approve the nominated census tracts and administer the Opportunity Zone Program.
The TRI application review will be held in Executive Session as a result of the proprietary company information that will be discussed, per Idaho Code 67-2345(1)(d) “to review records and information exempt from public disclosure under Idaho Code 9-340D(6) and 67-4708.” Upon approval by EAC, the TRI awards would be announced in coordination with the company’s announcement timeline.
View the full agenda here.
The Idaho Economic Advisory Council advises the Governor and the Idaho Department of Commerce on goals and objectives that further economic development within the state. The council makes recommendations to the Governor on applications for block grant funding and reviews industrial revenue bond allocations. Additionally, council members advise their regions on economic development opportunities and represent their interests to state government.
Beginning July 1, 2014, the Economic Advisory Council also gained statutory oversight authority for the new Idaho Tax Reimbursement Incentive. The council reviews and grants final approval for refundable credits on income, sales and payroll taxes of up to 30 percent for up to 15 years to qualifying new or expanding Idaho businesses.
For the full list of Idaho Commerce’s Economic Advisory Council members, click here.
To learn more about the Idaho Tax Reimbursement Incentive, click here.
To learn more about the Idaho Opportunity Zones, click here.