The largest tax cut in state history passed the Idaho Senate today, and is now on its way to the governor for final action.
The Senate voted 26-7 to approve the $600 million proposal, following an hourlong debate. House Bill 436 includes a one-time, $350 million tax rebate, as well as an ongoing, $251 million reduction in income tax rates. It cuts the top tax rate from 6.5% to 6%, and reduces the number of individual income tax brackets from five to four. The one-time tax rebate is equal to 12% of someone’s 2020 tax payment, or $75 per person, whichever is greater.
No Republicans opposed the measure, although several said it wasn’t the kind of tax relief they would have preferred. All seven Senate Democrats voted against it.
Gov. Brad Little helped craft the legislation and is expected to sign the bill. (Lewiston Tribune)
