67-4721. PURPOSE. (1) It is hereby declared that there exists in this state a need to promote sound economic development, to improve the economic health of the state, to promote employment, and to improve the tax base of the state by encouraging the formation of development finance sources that enhance the availability of capital for […]
67-4722. ECONOMIC DEVELOPMENT FINANCING ACCOUNT. There is hereby established an economic development financing account in the state agency asset fund and all of the moneys in said account are hereby appropriated to the department of commerce to carry out the purposes of sections 67-4721 through 67-4724, Idaho Code. The account shall consist of such contributions, […]
67-4723. GRANTS — STANDARDS AND ADMINISTRATION. The department of commerce shall administer a program of grants prorated to private capital raised to establish financing programs for new, emerging, and expanding business enterprises. Grants shall only be made to business and industrial development corporations (BIDCOs) licensed and regulated pursuant to the provisions of chapter 27, title […]
67-4723A. IDAHO SMALL BUSINESS FEDERAL FUNDING ASSISTANCE ACT — FUND CREATED. (1) There is hereby created in the state treasury the Idaho small business assistance fund to which shall be credited all moneys that may be appropriated, apportioned, allocated, and paid back to the fund, including grants, federal moneys, donations, gifts, funds from any other […]
67-4724. RETURN TO THE STATE. It is hereby recognized that the principal return to the state shall be in the form of increased tax revenues and increased job growth. A further return to the state is hereby provided as follows. Grants shall require the applicant to retain within its financing program all funds representing a […]
67-4725. IDAHO GLOBAL ENTREPRENEURIAL MISSION GRANT FUND. There is hereby created in the state treasury the Idaho global entrepreneurial mission grant fund hereafter known as the IGEM grant fund. Moneys in the fund shall consist of funds received from state appropriated general funds, commercialization revenues from state IGEM projects, grants, federal moneys, donations or funds […]
67-4726. IDAHO GLOBAL ENTREPRENEURIAL MISSION COUNCIL — APPOINTMENT OF MEMBERS — QUALIFICATIONS. (1) The state of Idaho recognizes that the health and expansion of Idaho’s future economy will depend upon taking full advantage of research and technology, and that Idaho has impressive resources for innovation-based growth, internationally recognized university research programs, globally competitive innovation companies […]
67-4729. DEPARTMENT OF COMMERCE AND IGEM COUNCIL RULES AND RESPONSIBILITIES. (1) The department of commerce in conjunction with the IGEM council shall: (a) Ensure that IGEM funds appropriated to the department of commerce and received for research and development at the universities and for the technology outreach program are used appropriately, effectively and efficiently in […]
67-4730. IDAHO GLOBAL ENTREPRENEURIAL MISSION (IGEM) RESEARCH. As funding becomes available from the legislature or other sources, and subject to any restrictions or directions established by the legislature, the state board of education and/or the department of commerce may allocate moneys to Boise state university, the university of Idaho, and Idaho state university to provide […]
67-4731. COMMERCIALIZATION REVENUE DISTRIBUTION. Commercialization revenue shall be limited to revenue generated through the commercialization of university intellectual property rights in a work authored or an invention conceived or first reduced to practice in the performance of an IGEM grant award. For commercialization revenue generated through the IGEM university research initiative and by IGEM-funded research […]
67-4732. IDAHO OPPORTUNITY FUND — SHORT TITLE — LEGISLATIVE INTENT. Sections 67-4732 through 67-4736, Idaho Code, shall be known and may be cited as the "Idaho Opportunity Fund Act" and also known as "this act." The intent of the Idaho opportunity fund is to promote economic development and provide financial assistance, through the Idaho department […]
67-4733. DIRECTOR RULEMAKING AUTHORITY. The director shall promulgate rules pursuant to chapter 52, title 67, Idaho Code, in the furtherance of the objectives of this act. History: [67-4733, added 2013, ch. 106, sec. 1, p. 249.]
67-4734. IDAHO OPPORTUNITY FUND. There is hereby created in the state treasury the Idaho opportunity fund. Moneys in the Idaho opportunity fund may be expended by the Idaho department of commerce, pursuant to the provisions of this act, to assist in securing commitments for the retention and expansion of existing businesses and recruitment of new […]
67-4735. AGREEMENTS REQUIRED AND DISBURSEMENT OF FUNDS. (1) Funds may be disbursed from the Idaho opportunity fund only in accordance with this act and rules adopted by the department, and only in accordance with agreements entered into between the department and one (1) or more local governments, and agreements between the local government and a […]
67-4736. ANNUAL REPORT BY DIRECTOR. The director of the department of commerce shall annually publish a report regarding the state of the Idaho opportunity fund and cause the same to be made available to the public. The report shall contain information on the commitment of funds, disbursement and use of funds, the number of jobs […]
67-4737. IDAHO REIMBURSEMENT INCENTIVE ACT — SHORT TITLE — LEGISLATIVE INTENT. Sections 67-4737 through 67-4744, Idaho Code, shall be known and may be cited as the "Idaho Reimbursement Incentive Act." The Idaho legislature finds that in order to compete more effectively in a national and global marketplace for economic expansion, business retention and job creation, […]
67-4738. DEFINITIONS. As used in sections 67-4737 through 67-4744, Idaho Code: (1) "Applicant" means a business entity that intends to create new jobs and submits an application for reimbursement to the department in accordance with this act. (2) "Application" means a form approved by the director of the department containing all information required by the […]
67-4739. APPLICATION — PROCESS — AGREEMENTS — REIMBURSEMENT. (1) A business entity may claim a refundable tax credit for creating a minimum number of new jobs in the state of Idaho. In order to be considered for participation, an applicant or its designated representative must submit an application to the director and shall include: (a) […]
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, […]
67-4741. APPLICANT’S ANNUAL REPORTING PROCEDURE. (1) On an annual basis during the term of the project, the applicant shall submit to the department reporting information outlined in the agreement that shall include, but not be limited to, the following: (a) Supporting documentation of the new state revenues from the applicant’s new project that were paid […]
