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Idaho House clears tax cut plan

Posted at 2:06 PM, Feb 03, 2016
and last updated 2016-02-03 19:18:23-05

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.