Credit: Contributed photo
Idaho Capitol Building
As of Tuesday, March 6, 2018
BOISE BOISE – A $200 million tax relief bill was approved by the Idaho Senate last week, which now moves to Governor Butch Otter’s desk for his signature.
Passed 26-9 last Thursday, March 1, House Bill 463 – believed to be the largest tax cut in state history – will cut $160 million in lowering the personal and business income tax rates, and an additional $40 million by creating a new non-refundable state $130-per-qualifying-child tax credit. Additionally, it reduces both the personal income tax rate (in all brackets) and the corporate income tax rate by 0.475 percent.
Part of the majority supporting the bill, Senator Carl Crabtree (R, Grangeville) stated in a release following bill’s passage, “It was very important to me that I supported this legislation for the people of District 7. This $200 million cut will provide relief for many families. I came to Boise to ensure that the people of District 7 have conservative representation and that their tax money would be spent wisely or they would be provided relief, which is what we did today.”
The bill relates to income taxes and will be effective starting with the 2018 taxable year. Within this, individual income tax rates will be reduced by $144.5 million and corporate income tax rates by $15.1 million.
“You can also rest assured that this relief will not detrimentally affect education and infrastructure,” Crabtree stated. “Our schools, our kids, our teachers are incredibly important to me and they need our dedication and commitment, as well as our roads, bridges and transportation. Today, the Idaho Senate voted to put money back in the pockets of hardworking people in District 7, and I am proud to have been a part of that process.”
The entire legislation can be found at: https://legislature.idaho.gov/sessioninfo/2018/legislation/h0463/