Tax Incentives

LOCAL VENTURE FUND - The City of Sandpoint, the Bonner County Economic Development Corporation and other interested entities should convene private sector organizations and investors to explore establishing a local venture or equity fund that can provide seed money and financial support for start-up and emerging creative businesses. This might take the form of small group of investors pooling funds or a creative business venture fund seeded and capitalized by private individuals, local and regional foundations, and government grants.

SANDPOINT URBAN RENEWAL AGENCY - The Sandpoint Urban Renewal Agency (SURA) is a public redevelopment agency created to promote community and economic development in Downtown Sandpoint and in the Northern District surrounding the Airport. The Agency’s purpose is to undertake the rehabilitation and development of deteriorated, underutilized and vacant properties located within the districts. To accomplish this, SURA uses tax-increment financing to achieve rehabilitation and development objectives.

COUNTY HISTORICAL SOCIETIES AND MUSEUMS TAX LEVY - Title 31, Section 31-864 of

the Idaho Statutes permits Idaho counties to levy 0.12 percent assessment on local property taxes in support of county nonprofit historical societies and their bricks and mortar projects and historic site marketing efforts.

20 PERCENT FEDERAL HISTORIC PRESERVATION TAX CREDIT PROGRAM - Established as

part of the Tax Reform Act of 1976, the National Park Service, in partnership with the Internal Revenue Service and the Idaho SHPO, administers the Federal Historic Preservation Tax Credit Program. The program provides a 20 percent tax credit to owners and developers of income producing historic buildings who undertake a substantial rehabilitation project. To be eligible, a building must be a certified historic structure — buildings individually listed in the National Register of Historic Places or considered a contributing building in a National Register or state or local historic district certified by the Secretary of the Interior.

LOW INCOME HOUSING TAX CREDIT PROGRAM - Established as part of the U.S. Tax Reform Act of 1986, the Low-Income Housing Tax Credit (Federal LIHTC) provides a dollar-for-dollar tax credit for investors in affordable housing projects. In Illinois, the Illinois Housing Development Authority (IHDA) allocates the credit as part of an annual or semi-annual competitive application process. Claimed over 10 years, LIHTC may help underwrite both rental housing rehabilitation and new housing construction. Developers may pair LIHTC with the Federal Historic Preservation Tax Credit for the rehabilitation of certified historic residential structures or buildings adapted to housing purposes.