67-4740. AGREEMENT WITH APPLICANT. With instruction from the council, and in accordance with criteria as established by rules, the director of the department shall enter into a reimbursement incentive agreement with the applicant, provided the agreement defines the following in addition to the terms as approved by the council:
(a) The term of the agreement, which in no case shall exceed fifteen (15) years;
(b) The projected new state revenues to be generated during the term of the project;
(c) The method and recordkeeping requirements to be used by the applicant to determine the new state revenue paid by the applicant. The approved tax credit percentage applied to new state revenue each year the applicant is entitled to receive the reimbursement during the term of the project;
(d) The projected new jobs;
(e) The terms and conditions of any and all requirements and measurements that must be met prior to the issuance of a tax credit authorization;
(f) The agreed-upon and necessary proof of compliance required prior to tax credit issuance. Proof of compliance provided by the applicant must be adequate to demonstrate to the director that all requirements and measurements have been met for the applicant to receive the tax credit;
(g) The consequences of default by the applicant;
(h) The period to be used to determine the taxes paid at the date of application; and
(i) Identification of the individual or entity that is or will be claiming the refundable credit.
(j) The agreement with the applicant shall specify that no credit will be allowed for taxes that have been or will be reimbursed by the federal government or any subdivision thereof.
History:
[67-4740, added 2014, ch. 336, sec. 1, p. 831; am. 2015, ch. 200, sec. 3, p. 612; am. 2016, ch. 47, sec. 43, p. 128; am. 2017, ch. 149, sec. 2, p. 370.]
Structure Idaho Code
Title 67 - STATE GOVERNMENT AND STATE AFFAIRS
Chapter 47 - DEPARTMENT OF COMMERCE
Section 67-4701 - DEPARTMENT OF COMMERCE CREATED.
Section 67-4702 - AUTHORITY AND DUTIES OF THE DIRECTOR.
Section 67-4703 - POWERS AND DUTIES.
Section 67-4703A - FOREIGN TRADE ZONES.
Section 67-4704 - ECONOMIC ADVISORY COUNCIL — APPOINTMENT OF MEMBERS — QUALIFICATIONS.
Section 67-4705 - IDAHO DEVELOPMENT AND PUBLICITY ACCOUNT.
Section 67-4706 - COMMUNITY AFFAIRS FUNCTIONS AND RESPONSIBILITIES OF THE DEPARTMENT.
Section 67-4707 - FUNDS OF DEPARTMENT.
Section 67-4708 - BUSINESS RECORDS.
Section 67-4710 - DECLARATION OF POLICY.
Section 67-4711 - DEFINITIONS.
Section 67-4712 - IDAHO TRAVEL AND CONVENTION INDUSTRY COUNCIL — CREATED — APPOINTMENT OF MEMBERS.
Section 67-4713 - MEMBERS’ QUALIFICATIONS — TERM OF OFFICE — CONFLICT OF INTEREST.
Section 67-4714 - MEETINGS OF THE COUNCIL.
Section 67-4715 - DUTIES AND POWERS OF THE COUNCIL.
Section 67-4716 - ADMINISTRATIVE EXPENSES — LIMITATION.
Section 67-4717 - REGIONAL AND STATEWIDE GRANT PROGRAM.
Section 67-4718 - ASSESSMENT — COUNCIL ACCOUNT.
Section 67-4720 - TOURIST INFORMATION SIGNS.
Section 67-4722 - ECONOMIC DEVELOPMENT FINANCING ACCOUNT.
Section 67-4723 - GRANTS — STANDARDS AND ADMINISTRATION.
Section 67-4723A - IDAHO SMALL BUSINESS FEDERAL FUNDING ASSISTANCE ACT — FUND CREATED.
Section 67-4724 - RETURN TO THE STATE.
Section 67-4725 - IDAHO GLOBAL ENTREPRENEURIAL MISSION GRANT FUND.
Section 67-4729 - DEPARTMENT OF COMMERCE AND IGEM COUNCIL RULES AND RESPONSIBILITIES.
Section 67-4730 - IDAHO GLOBAL ENTREPRENEURIAL MISSION (IGEM) RESEARCH.
Section 67-4731 - COMMERCIALIZATION REVENUE DISTRIBUTION.
Section 67-4732 - IDAHO OPPORTUNITY FUND — SHORT TITLE — LEGISLATIVE INTENT.
Section 67-4733 - DIRECTOR RULEMAKING AUTHORITY.
Section 67-4734 - IDAHO OPPORTUNITY FUND.
Section 67-4735 - AGREEMENTS REQUIRED AND DISBURSEMENT OF FUNDS.
Section 67-4736 - ANNUAL REPORT BY DIRECTOR.
Section 67-4737 - IDAHO REIMBURSEMENT INCENTIVE ACT — SHORT TITLE — LEGISLATIVE INTENT.
Section 67-4738 - DEFINITIONS.
Section 67-4739 - APPLICATION — PROCESS — AGREEMENTS — REIMBURSEMENT.
Section 67-4740 - AGREEMENT WITH APPLICANT.
Section 67-4741 - APPLICANT’S ANNUAL REPORTING PROCEDURE.
Section 67-4742 - ANNUAL REPORTING BY DEPARTMENT.
Section 67-4743 - SUSPENSION OF IDAHO REIMBURSEMENT INCENTIVE ACT.
Section 67-4744 - DIRECTOR RULEMAKING AUTHORITY.