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Idaho

A guide to help you understand the ins and outs of business in Idaho

Overview

Idaho is located in the Pacific Northwest. Its capital and largest city is Boise. Idaho is the fourteenth largest state in land mass and is the twelfth least populated state, with an estimated 1.79 million people. The GDP in Idaho for 2019 was $83,665,000,000.

The top industries in Idaho are manufacturing, aerospace, technology, food production, outdoor recreation, back office and shared services, tourism, and energy. Idaho has many people turning their outdoor hobbies into jobs; there are currently 276 companies in the industry, holding 5,600 jobs, and there is a 18% projected growth rate over the next 10 years. Another rapidly expanding industry in Idaho is energy: there are already 2,400 establishments and 31,100 jobs, but the projected growth rate is 19%. 57% of Idaho’s energy is hydro-powered, with 81% of the state’s total energy coming from renewable sources.

In 2019, Idaho exported $357,742 to Qatar. Its top exports are: miscellaneous articles of base metal, pharmaceutical products, edible vegetables, and certain roots and tubers. Qatar recently donated $100,000 to Idaho Business for Education to help students in need during the COVID-19 pandemic.

Idaho requires you to file a corporate income tax return if you transact business in Idaho, if you’re registered with the Idaho Secretary of State to do business in Idaho, or if you have income attributable to Idaho. The tax rate for Idaho corporations is 6.925%. Idaho offers 24 different incentives in the state; some of such incentives include the Pollution Control Equipment Sales Tax Exemption, the Rural Community Block Grant and the Goods-In-Transit Tax Exemption. Idaho also has two free trade zones, in Eastport and Boise.

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