Idaho governor signs tax cut plan into law

BOISE, Idaho (AP) — Gov. C.L. “Butch” Otter has signed a sweeping $200 million tax cut into law.

Otter approved the measure on Monday. The new law includes an emergency clause, making it retroactive to Jan. 1.

The plan reduces personal income and corporate tax rates and creates an Idaho child tax credit. The law is designed to offset the increase in taxes Idaho families are expected to pay under the recently signed Republican tax plan signed by President Donald Trump.

Changing the state’s tax brackets would lower Idaho’s $3.5 billion general fund by $159.6 million and implementing the child tax credit would slash the fund by an additional $42.3 million — totaling nearly $200 million. However, lawmakers are hoping to expand the tax credit from $130 to $205 before the end of session, which means the tax cut law could jump to $225 million.

Free News Delivery by Email

Would you like to have the day's news stories delivered right to your inbox every evening? Enter your email below to start!

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.