Albertsons is looking to boost its buy-side strategies with some newly announced assistance from the state of Idaho. Thanks to a tax incentive award from the state, Albertsons will be creating around 300 jobs while bringing $38 million in additional 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.”
Although Albertsons was initially approved for the TRI in March of last year, the state allows employers granted the incentive to announce the news at their discretion. Under the TRI, Albertsons will receive a tax credit of up to 30 percent on income, payroll, and sales tax, according to the Idaho Statesman.
Over the 15-year term of the agreement the retailers must create at least 300 new jobs in Idaho to receive the benefits from the state. Albertsons must also create at least 20 new jobs in rural areas, or 50 in urban areas, and pay its employees at least the county’s minimum wage.
These actions will prove that Albertsons employment is stable and a significant economic impact on the Idaho community, thus proving the TRI is critical for creating jobs.
“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.
Albertsons indicated that it would be using the incentive to put an additional focus on its headquarters in Boise, moving many corporate office positions to that campus. The retailer was approved by the Idaho Economic Advisory Council to receive the TRI, to further promote growth in the state.
Over the past four years, Albertsons has already expanded the number of employees within its headquarters from 120 to 600 team members.
Will this significant employee boost and tax break further Albertsons’ presence in the competitive buy-side market? Deli Market News will keep an eye on the market as things progress.