The Idaho SPEED Act, signed into law by Governor Brad Little on January 24, 2025, is one of the latest legislative moves aimed at enhancing economic growth while preserving responsible development in the state. The SPEED Act is poised as an instrumental tool in maintaining this standard through several strategic avenues.
Key beneficiaries of the SPEED Act include large-scale infrastructure developments, resource development initiatives (including energy, mineral, and water projects), and projects requiring coordinated environmental and safety reviews. Projects involving complex interagency coordination, such as those touching energy resources, environmental quality, land use, water resources, agriculture, emergency management, or historic preservation, will particularly benefit from the Act's streamlined approach.
The SPEED Act Establishes the Idaho Strategic Permitting, Efficiency, and Economic Development Council to accelerate permitting.
The SPEED Act, or the Streamlined Permitting Efficiency in Economic Development Act, establishes a collaborative Council to improve the transparency of the permitting process and lead the charge toward a more efficient approval system. This Council comprises representatives from seven key agencies including the Idaho Office of Energy and Mineral Resources (Chair), the Department of Environmental Quality, the Department of Lands, the Department of Water Resources, the Department of Agriculture, the Office of Emergency Management, and the State Historic Preservation Office.
The SPEED Act has been brought into full force under the leadership of the Council chaired by the Administrator of the Office of Energy and Mineral Resources. The Lieutenant Governor also has the potential to serve as an advisor to the Council. Changes to the Council's members can be made by the Chair with the Governor's consent.
The SPEED Act requires the SPEED Council to publish a project-specific timetable with completion timelines for all state-level authorizations and environmental reviews within Idaho.
The Act brings in strict timing restrictions, notably the four-year cap on funding agreements. One of the key features of the SPEED Act is the creation of project-specific timetables that define completion timelines for state authorizations and environmental reviews. Although the Act does not stipulate specific timeframes, the introduction of these timetables is expected to induce a level of discipline and efficiency into the regulatory approval process.
The SPEED Council will be allowed to enter into voluntary contracts and agreements with public agencies, municipal corporations, and private parties for funding or reimbursement of staff and consultant costs.
The SPEED Act allows the SPEED Council to enter voluntary contracts and agreements with public agencies, municipal corporations, and private parties for the reimbursement of staff and consultant costs. Additionally, state agencies can seek legislative appropriation for additional resources and administrative support to support the SPEED Council. Notably, all funding agreements are initially limited to a duration of four years but have provision for renewal subject to agreement by all parties involved.
How Ankura Can Help
Ankura’s team of experts specializes in helping businesses across the United States navigate and secure state incentives to support growth, innovation, and development. Whether you are seeking tax credits, grants, or funding for your projects, our team provides tailored support to maximize the value of available programs. Our services include:
- Incentive Eligibility Assessment: Identifying the programs and opportunities best suited to your organization’s needs and goals.
- Strategic Application Support: Guiding you through the application process, ensuring compliance with program requirements, and developing compelling submissions.
- Financial Modeling and Impact Analysis: Creating detailed financial models to highlight the value of incentives and their impact on your projects.
- Stakeholder Advocacy: Engaging with local, state, and federal officials to build support for your projects and secure necessary approvals.
With over $300 million in state incentives secured for our clients in the past year, Ankura is your trusted partner in leveraging incentive programs to achieve your strategic objectives. Want a free consultation and an estimate of how much state incentives your project might be eligible for? Contact us here.
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© Copyright 2025. The views expressed herein are those of the author(s) and not necessarily the views of Ankura Consulting Group, LLC., its management, its subsidiaries, its affiliates, or its other professionals. Ankura is not a law firm and cannot provide legal advice.
