BOISE, ID – As the retail company continues to hone its buy-side strategies, Albertsons will be putting an expanded focus on its headquarters, thanks to a newly received tax incentive award. This incentive program is projected to create around 300 jobs and bring $38 million in additional state tax revenue to Idaho.
“Our team here is proud to call Boise home,” said Andrew Scoggin, Albertsons’ Executive Vice President of Human Resources, Labor Relations, and Public Affairs, according to the Idaho Statesman. “The roots of our company were strengthened by the Idaho workforce from the first day that Mr. Albertson opened his 16th and State store, and we’re excited for the opportunity that the Tax Reimbursement Incentive [TRI] has allowed us.”
Under the TRI, Albertsons will receive a tax credit of up to 30 percent on income, payroll, and sales taxes, according to the Idaho Statesman. Over the 15-year term of the agreement, to receive the aforementioned benefits from the state, the retailer must create at least 300 new jobs in Idaho.
Albertsons was initially approved for the TRI in March 2015, though Idaho allows employers to announce the new jobs and award at their own discretion. The Idaho Economic Advisory Council approved Albertsons to receive the TRI to promote growth in the state, with Albertsons also indicating that many corporate office positions will be moved to its Boise campus.
“This is the type of expansion that the tax reimbursement incentive was designed for, and I couldn’t be happier that it is being used by an Idaho company with a rich history in our great state — a company that gave me one of my first jobs as a stock boy at the original Albertsons location,” Gov. Butch Otter said in a news release from the Idaho Department of Commerce.
The agreement also states that in order for the retailer to receive the tax credit, Albertsons must create at least 20 new jobs in rural areas or 50 in urban ones, and pay at least the county average wage. This action looks to prove that Albertson's created employment is stable and makes a significant economic impact on the Idaho community, thus proving that the TRI is critical for creating jobs.
Over the past four years, Albertsons has expanded its employees within its headquarters from 120 to 600 employees. This award will provide the retailer with further opportunities to invest in the state.
What kind of impact will this incentive award and expansive growth have on Albertsons presence in the market? Keep up with AndNowUKnow as we report.
