Bill > H0380

This bill amends and adds to existing law to revise provisions regarding income taxes, the Tax Relief Fund, and establishes the 2021 Idaho Tax Rebate Fund. The key provisions include: 1. Revising the individual income tax rates, lowering the top rate from 6.925% to 6.5% for income over $5,000. 2. Establishing the 2021 Idaho Tax Rebate Fund, which will provide a one-time, non-taxable rebate to full-year resident taxpayers of 9% of their 2019 tax amount or $50 per taxpayer and dependent, whichever is more. 3. Reducing the corporate income tax rate from 6.925% to 6.5%. 4. Transferring $180 million from the Tax Relief Fund to the 2021 Idaho Tax Rebate Fund, and $110 million annually from the Tax Relief Fund to the general fund starting in fiscal year 2022.

Budget and Finance

Ways and Means Committee (House)

https://legislature.idaho.gov/sessioninfo/2021/legislation/H0380/