April tax revenues for Idaho exceed $1 billion, major surplus expected

By Ruth Brown, Idaho Reports April tax revenues for the state exceeded $1 billion for the first time in Idaho history. The Division of Financial Management  reported that with more than $1.229 billion recorded in April, state revenues came in at $574 million more than predicted.  Of that amount collected, individual income tax was $308Continue reading “April tax revenues for Idaho exceed $1 billion, major surplus expected”

Reclaim Idaho submits final signatures for education ballot initiative

By Ruth Brown, Idaho Reports Advocacy group Reclaim Idaho dropped off the final signatures needed Monday for the education initiative voters might see this year. Reclaim Idaho supporters and co-founder Luke Mayville gathered outside the Ada County Elections Office to submit the last of the petition signatures. “The people of Idaho disagree about a wholeContinue reading “Reclaim Idaho submits final signatures for education ballot initiative”

Idaho publicly challenges fuel export tax proposed in Washington 

By Ruth Brown, Idaho Reports The Idaho House of Representatives passed a memorial Tuesday morning opposing a proposed tax on fuel exported from Washington state. Last week, the Washington Senate passed a bill that would add a tax of six cents per gallon of refined fuel exported out of state. The legislation passed the SenateContinue reading “Idaho publicly challenges fuel export tax proposed in Washington “

What’s this “Wayfair Fund” I keep hearing about?

By Logan Finney, Idaho Reports Idaho collects a six-percent sales tax on most retail purchases. That revenue is directed through a complex distribution formula that divvies up the money between various state accounts, distributes a portion to local governments, and deposits the remainder in the state’s general fund. Sales taxes from certain online purchases, however, do not pass throughContinue reading “What’s this “Wayfair Fund” I keep hearing about?”

House panel approves upping Idaho’s grocery tax credit 

by Logan Finney, Idaho Reports  A bill to increase Idaho’s food tax credit passed out of a House committee Monday morning. The grocery credit is currently $100 for full-time Idaho residents and $120 for those age 65 and older. House Bill 509 would increase those rates to $120 and $140 respectively. “The credit hasn’t beenContinue reading “House panel approves upping Idaho’s grocery tax credit “

So, about those property taxes… 

by Logan Finney and Melissa Davlin, Idaho Reports  A $600 million income tax cut and rebate package was the first bill introduced this session, and has been the focus of lawmakers’ tax relief efforts thus far. It passed the Senate on Tuesday and is now headed to the governor’s desk. According to a recent BoiseContinue reading “So, about those property taxes… “

Income tax cut clears the legislature amid debates over grocery tax

by Logan Finney and Melissa Davlin, Idaho Reports  The Idaho Senate approved this year’s headline tax proposal on Tuesday, clearing the final legislative hurdle before the bill reaches the governor’s desk.  The Senate voted 27-7 along party lines to approve House Bill 436. The bill would reduce the brackets and rates for individual and corporateContinue reading “Income tax cut clears the legislature amid debates over grocery tax”

Increased food credit before House committee

by Logan Finney, Idaho Reports After years of debating whether the state should keep its tax on food, a bill introduced Tuesday could increase the food tax credit by $20. The House Revenue and Taxation Committee introduced the bill Tuesday morning. Sen. Steve Vick, R-Dalton Gardens, presented House Bill 509. He said it is anContinue reading “Increased food credit before House committee”

House passes tax cut and rebate bill

by Logan Finney, Idaho Reports  The Idaho House of Representatives approved this year’s headliner tax proposal on Thursday, voting 57-13 to pass the bill and send it to the Senate. House Bill 436 would lower individual and corporate income tax rates and issue one-time rebate checks for full-time residents, similar to last year’s income taxContinue reading “House passes tax cut and rebate bill”

Income tax bill moves to House floor

by Logan Finney, Idaho Reports The House Revenue and Taxation committee voted Tuesday morning to send this year’s big income tax cut and rebate bill to the House floor for consideration. House Bill 436 would consolidate state income tax brackets at lower rates and issue a rebate check of $75 per person or 12% ofContinue reading “Income tax bill moves to House floor”