Idaho special session aims for tax cut, education spending – By Keith Riddler (Associated Press) / Aug 23, 2022
BOISE, Idaho (AP) — Idaho Gov. Brad Little on Tuesday called a special session of the Legislature starting next week aimed at using part of the state’s projected $2 billion budget surplus for a record $500 million income tax rebate this year to help residents cope with increased food and gas prices due to inflation.
The Republican governor also proposed a tax cut of more than $150 million annually by creating a corporate and individual flat tax rate of 5.8% starting next year. The corporate tax rate is currently 6%, the same rate for the state’s highest income bracket. Under the bill, the first $2,500 of income for individuals and $5,000 for people filing jointly would be exempt from taxes.
Little wants to bolster K-12 public schools and post-secondary education with $410 million annually from sales taxes starting next year. Of the $410 million, $330 million is proposed for K-12 and $80 million for post-secondary education.
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