Little signs bill to increase grocery tax credit

BOISE (Idaho Capital Sun) — Idaho Gov. Brad Little signed into law an expanded grocery tax credit that is intended to offset the sales tax Idahoans pay on food. Little signed House Bill 231 into law, according to a news release Little issued Thursday afternoon. The new law increases the grocery tax credit all Idahoans receive to $155 a year. Currently, most Idahoans receive a grocery tax credit of $120 per year. “I love the signal we send to Idaho families every year when we deliver even more tax relief while taking care of the needs of a growing state,” Little said in a written statement. “As we continue to deliver historic tax relief, we must ensure our budget balances as the Idaho Constitution requires.” In order to pay for the expanded grocery tax credit, House Bill 231 reduces state revenue by $50 million per year. The grocery tax law is written so it took effect retroactively Jan. 1. That means Idahoans will be able to receive the full credit when they file their taxes next year. Earlier this year, Little signed into law House Bill 40, which reduces the corporate and individual tax rates down from 5.695% to 5.3%. To reduce the income tax rates, House Bill 253 reduces state revenue by $250 million every year. The post Little signs bill to increase grocery tax credit appeared first on East Idaho News.
Source: eastidahonews.com