Idaho lawmakers have ushered in the first tax cut proposals of the 2017 legislative session.
House Majority Leader Mike Moyle says that he wants to exempt the first $750 of income from taxation, as well as reduce the top income and corporate rate from 7.4 percent to 7.2 percent.
Meanwhile, Rep. Janet Trujillo, a Republican from Idaho Falls, has a bill that would bump the exemption on Idaho's surcharge on business equipment to $250,000. Currently, only the first $100,000 of a business's personal property — everything from its desks and computers to big semiconductor equipment — is exempt from taxation
The House Taxation and Revenue Committee introduced both proposals Thursday. The bills must now clear a full legislative hearing.
Idaho's Republican-controlled Statehouse often favors tax cuts, but lawmakers still have to finalize the public schools budget while possibly addressing the state's lack of transportation funding.
(By Associated Press)