An Idaho House panel has advanced a $51 million tax cut proposal.
The bill, backed by House Majority Leader Mike Moyle of Star, would exempt the first $750 of income from taxation, as well as reduce the top income and corporate rates from 7.4 percent to 7.2 percent.
Compared with neighboring states, Idaho's top individual income tax and corporate income tax rates are higher than Montana's and Utah's. Wyoming and Nevada do not tax in those categories
The House Taxation and Revenue Committee approved the proposal Tuesday. The bill must now clear the House floor.
In Idaho, tax cut proposals start in the House chambers, but they typically face a tougher challenge passing the Senate.
(by Associated Press)