Idaho’s Hire One Tax Credit
Refundable Income Tax Credit
Are you an employer in the state of Idaho? If your answer is “yes!”, then you may be getting a State Tax Refund. Idaho rewards employers who create new jobs with the new Hire One Tax Credit. Hire One is a refundable tax credit based on adding new workers to the state of Idaho’s economy.
Let’s visit with Idaho Governor Butch Otter on the Hire One tax credit, a refundable jobs credit:
Here’s a few facts.
Employers qualify for the credit when they hire new employees who fill newly created positions as long as certain requirements are satisfied regarding; hourly rate, healthcare benefits, work location, plus a few additional items added by the legislature upon passage in 2011.
Employers receive a tax refund when:
- At least one new job is added (“Hire 1” 🙂 )
- The new employee works at least 9 months
- Hourly rate and healthcare minimums are satisfied
- … and if the time and resources are available to study the law, do the calculations and complete the paperwork.
Business-Government Partnership
Each company’s income tax reward is given on a sliding scale based on where the employee is hired. That allows local workers to benefit where the need is greatest. On top of that, employers with the best unemployment insurance track record receive the highest reward. Every business can benefit from every new job created. The result is win-win-win for workers-business-government.
For more info on HIRE One email MCM from our contact page.