Ron Nate voted Nay (Passage) on this Legislation.
Title: Reduces Tax Rates; Appropriates Monies for Education
Signed by Governor Brad Little
Title: Reduces Tax Rates; Appropriates Monies for Education
Vote to pass a bill that reduces tax rates and appropriates monies for education.
Transfers up to $500 million to Tax Commission for individual rebates (Page 2).
Extends such rebates through fiscal year 2023 (Page 2).
Authorizes additional rebate checks (Page 3).
Establishes flat individual tax rate of 5.8% of income over $2,500; 5.8% of income over $5,000 for joint filers; amends related provisions (Page 3).
Establishes flat corporate income tax rate of 5.8%; amends related provisions (Page 4).
Transfers monies to Public School Income Fund to be used for services relating to substance abuse and county juvenile probation (Page 5).
Appropriates $330 million to Public School Income Fund and $80 million to In-Demand Careers Fund beginning in fiscal year 2024, each fiscal year thereafter (Page 13).
Establishes question on 2022 general election ballot: “Do you approve or disapprove of the State of Idaho using the record budget surplus to refund $500 million back to hardworking Idaho taxpayers, cut ongoing income taxes by more than $150 million, and put more money in our classrooms by increasing education and student funding by a record $410 million? Your approval of this effort would combat historic inflation by returning money to taxpayers, creating a simple flat tax, and making the single largest investment in public education in Idaho history” (Page 14).
Establishes effective date of January 3, 2023 for new tax rates (Page 14).
Title: Reduces Tax Rates; Appropriates Monies for Education
Vote to pass a bill that reduces tax rates and appropriates monies for education.
Transfers up to $500 million to Tax Commission for individual rebates (Page 2).
Extends such rebates through fiscal year 2023 (Page 2).
Authorizes additional rebate checks (Page 3).
Establishes flat individual tax rate of 5.8% of income over $2,500; 5.8% of income over $5,000 for joint filers; amends related provisions (Page 3).
Establishes flat corporate income tax rate of 5.8%; amends related provisions (Page 4).
Transfers monies to Public School Income Fund to be used for services relating to substance abuse and county juvenile probation (Page 5).
Appropriates $330 million to Public School Income Fund and $80 million to In-Demand Careers Fund beginning in fiscal year 2024, each fiscal year thereafter (Page 13).
Establishes question on 2022 general election ballot: “Do you approve or disapprove of the State of Idaho using the record budget surplus to refund $500 million back to hardworking Idaho taxpayers, cut ongoing income taxes by more than $150 million, and put more money in our classrooms by increasing education and student funding by a record $410 million? Your approval of this effort would combat historic inflation by returning money to taxpayers, creating a simple flat tax, and making the single largest investment in public education in Idaho history” (Page 14).
Establishes effective date of January 3, 2023 for new tax rates (Page 14).
Title: Reduces Tax Rates; Appropriates Monies for Education