Bill > H0436

This bill amends existing law to revise the individual and corporate income tax rate, and to provide for an income tax rebate. Specifically, it reduces the individual income tax rate from 6.5% to 6% for income over $5,000, and reduces the corporate income tax rate from 6.5% to 6%. The bill also establishes two rounds of income tax rebates for individual taxpayers, with the first round providing a rebate of 9% of the 2019 tax amount or $50 per taxpayer and dependent, and the second round providing a rebate of 12% of the 2020 tax amount or $75 per taxpayer and dependent. The bill also transfers funds from the Tax Relief Fund to the Idaho Tax Rebate Fund to fund these rebates.

Budget and Finance

Revenue and Taxation Committee (H)

https://legislature.idaho.gov/sessioninfo/2022/legislation/H0436/