2005 Idaho Code - 63-2909 — PROPERTY TAX INCENTIVES

                                  TITLE  63
                             REVENUE AND TAXATION
                                  CHAPTER 29
            THE IDAHO CORPORATE HEADQUARTERS INCENTIVE ACT OF 2005
    63-2909.  PROPERTY TAX INCENTIVES. (1) Subject to the limitations of this
chapter, both improvements to real property and personal property which are
newly constructed, including construction in progress during the year, or
acquired during a project period and located in the project site and owned by
a taxpayer who has certified that the tax incentive criteria will be met in
regard to that site, shall be entitled to receive a rebate of the lesser of:
    (a)  All property taxes the taxpayer actually paid for any of the years
    2005 through 2012 that are properly levied upon any property constructed
    or installed within the project site during the project period for that
    site; or
    (b)  All property tax the taxpayer actually paid for any of the years 2005
    through 2012 that are properly levied upon any property constructed or
    installed within the area described in subsection (2)(g)(ii) of section
    63-2902, Idaho Code, within which eighty percent (80%) or more of the
    investment required in subsection (2)(j)(i) of section 63-2902, Idaho
    Code, is made during the project period for that site; or
    (c)  Two million dollars ($2,000,000) of property tax paid in any one (1)
    calendar year.
    (2)  Upon filing of a written claim by the taxpayer entitled to the
rebate, which shall include a description of the property upon which the tax
sought to be rebated was levied, the property's assessed value for property
tax purposes, and its location and subject to such reasonable documentation
and verification as the commission may require, the rebate shall be paid by
the commission as provided in section 63-3067, Idaho Code. A claim for rebate
under this section must be filed on or before the last day of the third
calendar year following the year of the property taxes sought to be rebated or
the right to the rebate is lost.
    (3)  The taxpayer shall be subject to recapture of any rebate paid under
this section:
    (a)  At one hundred percent (100%) in the event that the tax incentive
    criteria are not met at the project site during the project period, or
    (b)  In the event that the property is disposed of, or otherwise ceases to
    qualify with respect to the taxpayer before five (5) full years from the
    date the project period ends, or
    (c)  In the event that the employment required in section 63-2902(2)(j),
    Idaho Code, is not maintained for sixty (60) consecutive full months from
    the date the project period ends.
    (d)  Any recapture required by subsection (3)(b) or (3)(c) of this section
    shall be in the same proportion of the credit required to be recaptured
    under section 63-3029B, Idaho Code.
    (e)  Any amount subject to recapture is a deficiency in tax for the amount
    of the rebate in the taxable year in which the disqualification first
    occurs and may be enforced and collected in the manner provided by the
    Idaho income tax act, provided however, that in lieu of the provisions of
    section 63-3068(a), Idaho Code, the period of time within which the
    commission may issue a notice under section 63-3045, Idaho Code, in regard
    to an amount subject to recapture shall be five (5) years after the end of
    the taxable year in which the project period ends.
    (4)  The rebate allowed by this section is limited to improvements to real
property and personal property which are newly constructed, including
construction in progress during the year, or acquired related to headquarters
or administrative facilities.