Calling it the largest tax reduction in Idaho history, a bill to cut taxes by $200 million dollars passed a House committee Monday. This is the first step for the bill as it works its way through the Idaho Legislature.
When Congressional Republicans passed a federal tax overhaul in December, some of those changes meant some Idahoans will pay more in taxes -- around $100 million dollars more. Legislators want to offset that hike with this bill that could cut Idaho taxes by $200 million dollars.
“Overall this is a tax reduction, a substantial tax reduction,” says House Majority Leader Mike Moyle.
As the House Revenue and Taxation Committee House got ready to consider the bill, Moyle told lawmakers some people won’t like it.
“Now, I know that you will hear some today say we don’t need to do this now, we can wait. You’ll hear some say, 'it’s not my bill, I don’t like it, I’d rather have something else.' You’re gonna hear grousing in both directions and I understand that,” says Moyle.
Public comment was split for and against the bill. Some say the legislation is too aggressive and won't help everyone. Others like the cuts to personal and corporate taxes, saying it will bring more business to the state.
The bill passed out of committee along party lines, with just two Democrats opposing it. It heads next to the House floor. If it passes there, it still has to get through the Idaho Senate and be signed by the governor.
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