Idaho House Clears Tax Cut Plan
BOISE, Idaho (AP) — The Idaho House has approved a proposal to provide an estimated $22.6 million in tax relief to individuals, small businesses and corporations.
House lawmakers voted 53-16 on HB380 Wednesday. The legislation would reduce the state's top two individual income tax rates currently at 7.4 percent and 7.1 percent by one-tenth of a percentage. The measure would then reduce the corporate income tax rate from 7.1 percent to 7 percent.
For Idaho's lower income residents, the measure would increase Idaho's grocery tax credit by $10 per person. This means most eligible Idahoans would be reimbursed $110 for taxes paid on food. The bill now moves to the Senate for approval.