Idaho Senate passes bill to cut income taxes, reduce state revenue by $253 million

Big income tax cut clears Idaho Legislature on way to governor’s desk. Will he sign it?

The Idaho Senate voted to send a massive tax cut — described as part of the largest in state history — to Gov. Brad Little’s desk Tuesday, despite concerns from some lawmakers about the bill’s possible impact on the budget. House Bill 40 is projected to reduce state revenues by $240 million by lowering Idaho’s income tax rate from just under 5.7% to 5.3%. Proponents, including Sen. Doug Ricks, ...

Idaho Senate passes $253M worth of income tax cuts

The bill passed amid other proposals to spend around $100 million toward property tax relief and $50 million for increasing the grocery tax credit.

Idaho Senate passes bill to cut income taxes, reduce state revenue by $253 million

State senators on the Idaho Senate floor in 2025 | Pat Sutphin, EastIdahoNews.com BOISE (Idaho Capital Sun) — The Idaho Senate, in a 27-8 vote, passed a bill on Tuesday to cut Idaho’s income tax rate, reducing state revenue by $253 million.  House Bill 40, sponsored by Sen. Doug Ricks, R-Rexburg, would do three things to cut taxes in Idaho, including: Reduce income tax for individuals and corporations from 5.695% to 5.3%, costing $240 million an…

Idaho Senate passes bill to cut income taxes, reduce state revenue by $253 million • Idaho Capital Sun

State senators listen to legislative proceedings from the Idaho Senate floor on Jan. 7, 2025. (Pat Sutphin for the Idaho Capital Sun)The Idaho Senate, in a 27-8 vote, passed a bill on Tuesday to cut Idaho’s income tax rate, reducing state revenue by $253 million.  House Bill 40, sponsored by Sen. Doug Ricks, R-Rexburg, would do three things to cut taxes in Idaho, including: Reduce income tax for individuals and corporations from 5.695% to 5.3%,…

Senate passes largest income tax cut in state history, bill to go to gov's desk

BOISE — The Idaho Senate has passed an estimated $253 million income tax cut, that also includes tax exemptions for some military pensions and an elimination of the capital gains tax on precious metal bullion.

$253 million income tax cut goes to governor's desk

House Bill 40 passed amid other proposals to spend around $100 million toward property tax relief and $50 million for increasing the grocery tax credit.