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Idaho governor signs record $600M income tax cut

Idaho Gov. Brad Little
MERIDIAN (AP) — Idaho Gov. Brad Little on Friday signed into law the biggest tax cut in the state’s history.
The Republican governor signed the $600 million cut that includes a one-time $350 million in rebates and $250 million in permanent income tax reductions going forward for people and businesses.
Backers say the tax cuts return money to the people who paid it. Opponents say the tax cuts mostly benefit the wealthy at the expense of essential government services such as education. The bill received no Democratic support.
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Little promoted the tax cut in his State of the State Address last month as part of his “Leading Idaho” plan that also includes a record $300 million education spending increase, plus spending $200 million ongoing for roads and bridges, the largest ever increase for transportation.
The $350 million tax rebate includes 12 percent of state income taxes returned for filers during 2020, or $75 per taxpayer and dependent, whichever is greater. That money will come from the state’s $1.9 billion budget surplus.
The permanent tax cuts reduce income tax rates, including dropping the top rate from 6.5 percent to 6 percent. Corporate income taxes under the bill would be cut from 6.5 percent to 6 percent.
The post Idaho governor signs record $600M income tax cut appeared first on East Idaho News.
Source: eastidahonews.com

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