Boise, Idaho (KLIX) The governor has signed the first bill to hit his desk that will reduce what Idaho employers pay in unemployment insurance tax. The Office of Gov. C.L. "Butch" Otter says the legislation, unanimously passed by both legislative chambers, will save Idaho companies an estimated $115 million in the next three years. House Bill 335 ensures the solvency of the state's unemployment reserve fund that pays for benefits and is retroactive January 1, 2018. The governor's office says some employers' tax rates will go down by 30% in the next three years. The unemployment benefits fund will continue to grow at a slower rate with the new legislation. The fund at the end of last year was at around $780 million and is considered one of the most solvent in the nation.

“I congratulate and thank the Legislature for accepting my challenge to make this commonsense tax relief ‘Job One’ for the 2018 session,” said Governor Otter, who was joined by legislative and business leaders at the Capitol for a signing ceremony. “Idaho’s job creators large and small will benefit from this needed adjustment, and our already booming economy will get another boost as a result.”

More information for employers at the website for the Idaho Department of Labor.