Idaho Reimbursement Incentive Act (HB 546)

• Creates a performance-based tax credit program for businesses creating minimum new jobs (20 in rural areas, 50 in urban areas) in Idaho, with tax credits not exceeding 30% of new state revenue generated over the project term.

• Requires applicants to submit comprehensive applications including project descriptions, community match commitments, capital investment details, and job creation projections to the Idaho Department of Commerce for Economic Advisory Council review and approval.

• Establishes reimbursement agreements between the Department and approved applicants defining agreement terms (up to 15 years), performance requirements, recordkeeping methods, and consequences of default.

• Requires annual applicant reporting on new state revenues, jobs created, and compliance with agreement terms, with department authority to deny credits, terminate agreements, or request additional documentation based on audit findings.

• Mandates annual independent third-party audits by November 1, 2015, and annually thereafter, with department reporting to the governor and legislature on program success, tax credit commitments, costs, and economic benefits; allows governor to suspend new agreements during budget reductions.