Post by Logan on Feb 4, 2016 4:59:52 GMT -6
Moving quickly on tax relief legislation, the Idaho House Wednesday approved cutting the state’s top two income tax rates and increasing the food tax credit for lower income Idahoans, sending the measure to the Senate on a vote of 53-16.
Three Republicans joined 13 House Democrats in opposition.
The state’s top tax rates would decline by a tenth of a percentage point, to 7.3 and 7 percent, and the corporate income tax would also decline by the same amount, to 7.3 percent. Those whose incomes are below the threshold for the top rates, currently $7,260, would be eligible for a $10 increase in the grocery tax credit, to $110 per person, or $130 for seniors. The overall impact to the state is $28 million loss in revenue.
“We’re talking about $28 million in tax relief back to those people in the state of Idaho that send us the $3.3 billion that we’re going to spend this year,” said House Majority Leader Mike Moyle, the prime sponsor. The Star Republican said the tax cut would benefit about 75 percent of all taxpayers. “We can give back just a little bit.”
Read more here: www.idahostatesman.com/news/politics-government/state-politics/article58193303.html
Three Republicans joined 13 House Democrats in opposition.
The state’s top tax rates would decline by a tenth of a percentage point, to 7.3 and 7 percent, and the corporate income tax would also decline by the same amount, to 7.3 percent. Those whose incomes are below the threshold for the top rates, currently $7,260, would be eligible for a $10 increase in the grocery tax credit, to $110 per person, or $130 for seniors. The overall impact to the state is $28 million loss in revenue.
“We’re talking about $28 million in tax relief back to those people in the state of Idaho that send us the $3.3 billion that we’re going to spend this year,” said House Majority Leader Mike Moyle, the prime sponsor. The Star Republican said the tax cut would benefit about 75 percent of all taxpayers. “We can give back just a little bit.”
Read more here: www.idahostatesman.com/news/politics-government/state-politics/article58193303.html