Post by Logan on Feb 1, 2016 21:26:24 GMT -6
BOISE, Idaho (AP) — An Idaho House panel has cleared a $22.6 million tax cut proposal that would lower tax rates for the state’s top individual earners and businesses.
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.
The House Revenue and Taxation Committee voted 13-2 Monday to send the bill to the House floor. Rep. Dan Rudolph of Lewiston was the only Democrat to vote in favor.
“Tax policy is not always easy, what we do here is not always easy,” said House Majority Leader Mike Moyle from Star, who introduced the measure. “It’s a balancing act.”
Read more: www.spokesman.com/stories/2016/feb/01/idaho-house-panel-backs-tax-cut-bill/
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.
The House Revenue and Taxation Committee voted 13-2 Monday to send the bill to the House floor. Rep. Dan Rudolph of Lewiston was the only Democrat to vote in favor.
“Tax policy is not always easy, what we do here is not always easy,” said House Majority Leader Mike Moyle from Star, who introduced the measure. “It’s a balancing act.”
Read more: www.spokesman.com/stories/2016/feb/01/idaho-house-panel-backs-tax-cut-bill/