Idaho officials praise tax incentive program

Idaho has given big tax breaks to more than 30 companies since kicking off a new program designed to lure businesses to expand throughout the state.

Department of Commerce Director Megan Ronk, the state’s top economic development promoter, told lawmakers Thursday that the so-called Tax Reimbursement Incentive program has helped create a projected 5,200 new jobs since the tax break was approved in 2014.

The incentive allows Idaho to refund up to 30 percent of state corporate income taxes, payroll taxes and sales taxes to businesses that create a projected 50 new jobs in urban areas and 20 in rural areas. The goal is to attract employers to move to the Gem State and help budge Idaho-based businesses to expand or take on new projects.

Ronk was one of several presenters who spoke optimistically about Idaho’s economy during the Economic Outlook and Revenue Assessment Committee meeting.